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Leads & Deals

拢1.43m takeover of smart meter group Calisen takes final step forward ahead of completion

Calisen only listed on the London Stock Exchange in February 2020

Calisen executives when the company completed its IPO last year(Image: COPYRIGHT OWNED BY LAYTON THOMPSON)

The £1.43bn takeover of a Manchester-based smart meter group has taken its final step forward ahead of being completed.

Calisen confirmed an offer in December 2020 from global consortium Coyote Bidco which would see current shareholders receive 261p per share.

The energy infrastructure firm, whose headquarters are based on Marsden Street, employs more than 1,700 members of staff and only listed on the London Stock Exchange in February 2020.

Bidco consists of investors including Goldman Sachs, Blackrock and Mubadala Investment, a fund owned by the Abu Dhabi state.

Calisen's operations consist of two businesses. Calvin Capital - a firm procuring, owning and managing a portfolio of domestic electricity and gas meters, and Lowri Beck - a firm carrying out meter readings and maintenance on behalf of its energy retailer customers.

Now, the High Court has made an order sanctioning the scheme which remains conditional on, and will become effective upon, the delivery of a copy of the court order to the Registrar of Companies, which is expected to occur on March 12.

As a result the admission to trading of Calisen shares on the London Stock Exchange will be cancelled with effect from 8am on March 15.