15th Sep 2021 17:32
eEnergy Group PLC - London-based energy efficiency-as-a-service provider - Agrees to acquire UtilityTeam TopCo Ltd and a 5% interest in UtilityTeam Trading Ltd for up to GBP21 million on a cash-free, debt free basis.
UtilityTeam is an energy management business which provides consultancy and procurement services to industrial and commercial clients. Initial consideration of GBP15.9 million includes GBP11.5 million in cash and GBP4.3 million satisfied through the issue of 18.0 million shares at a price of 24p each.
In addition, there is an earnout payment of up to GBP5.1 million, based on a multiple of UtilityTeam's earnings before interest, tax, depreciation and amortisation for 2021, paying GBP7 for every GBP1 of Ebitda generated.
Has funded initial cash consideration by placing 80.0 million shares at a price of 15 pence each, raising GBP12 million in proceeds.
"The acquisition of UtilityTeam, when combined with our existing businesses, gives eEnergy the ability to offer customers a broad range of services and expertise in energy management, energy efficiency and intelligent measurement & analysis. It is in line with our strategy to "buy and build" a portfolio of complementary operations that can take full advantage of market demand for zero carbon energy and energy data," said Chief Executive Officer Harvey Sinclair.
Current stock price: 16.00 pence, down 8.6%
Year-to-date change: up 36%
By Dayo Laniyan; [email protected]
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