17th Nov 2015 10:42
LONDON (Alliance News) - Energy procurement consultancy Inspired Energy PLC on Tuesday said it has acquired Kent-based energy bureau, billing and management service provider STC Energy and Carbon Holdings Ltd for an initial GBP9.0 million in cash and shares.
The initial consideration will comprise GBP5.0 million in cash, along with the issue of 32.8 million Inspired Energy shares to cover the rest. The shares are valued at 12.20 pence per share. Inspired Energy shares were up 1.2% to 12.65 pence on Tuesday.
A further GBP3.0 million will be paid, in cash and shares, based on STC meeting financial targets through to 2017.
Inspired Energy said the deal will boost its corporate division's service offering and its client base and will boost its corporate procurement order book. It also expects to generate additional revenue through consultancy fees charged directly to clients from billing and bureau services.
"Inspired continues to go from strength to strength. We are delighted to conclude the acquisition of STC, which increases the breadth of our target customer base, enhances our sector specialism including the Public Sector and larger multi-site clients and expands our service offering for our corporate customers and provides geographical diversification," said Inspired Energy Chief Executive Janet Thornton.
By Sam Unsted; [email protected]; @SamUAtAlliance
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