3rd Mar 2015 09:51
LONDON (Alliance News) - Energy Assets Group PLC on Tuesday said it has struck a cash and shares deal to buy Nottinghamshire-based meter asset manager SA Engineers Ltd for a total of GBP4.9 million.
Energy Assets, the gas metering services company, will make an initial cash payment of GBP3.4 million, plus the issue of 222,108 shares valued at GBP1 million. That would give the shares a value of 450.23 pence. Shares in Energy Assets were trading down 2.2% to 455.00 pence on Tuesday.
Energy Assets also will pay a further GBP0.5 million based on SA Engineers meeting profit targets over the next two years.
"Energy Assets has built a strong relationship with SA Gas over a number of years, working together on several major projects, and I am delighted to now welcome them fully into the Group in an acquisition that represents another significant step in our growth strategy," said Phil Bellamy-Lee, Chief Executive of Energy Assets.
By Sam Unsted; [email protected]; @SamUAtAlliance
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