9th Aug 2018 11:01
LONDON (Alliance News) - Energy procurement consultant Inspired Energy PLC said Thursday it acquired peer Squareone Enterprises Ltd for up to GBP1.4 million.
Inspired will buy Squareone on a debt- and cash-free basis for an initial cash payment of GBP750,000. A further GBP625,000 in deferred payments may be payable dependant on achieving revenue targets for the two following financial years.
Inspired will pay the initial cash component using its GBP12.5 million acquisition facility with Banco Santander.
"We are delighted to conclude the acquisition of Squareone, which is a highly complementary addition to Inspired's core corporate division," Inspired Chief Executive Officer Mark Dickinson said. "The Acquisition further enhances our customer base and strengthens our sector specialisms."
"We look forward to working closely with the highly experienced and knowledgeable team of Squareone and welcome them into our core Corporate Division as we continue to advance our position as a market leader," Dickinson added.
Shares in Inspired were 1.1% higher at 20.98 pence on Thursday.
Related Shares:
Inspired