31st Jul 2015 08:45
LONDON (Alliance News) - Energy procurement consultancy Inspired Energy PLC on Friday said it has struck a deal to acquire Wholesale Power UK Ltd for up to GBP2.75 million.
Inspired Energy said it will pay an initial consideration of GBP1.5 million in cash and GBP0.5 million in share for the acquisition. It will issue 4.6 million shares to cover the share portion of the consideration, giving the shares a price of 10.87 pence per share. Shares in Inspired Energy were up 3.3% to 11.1 pence on Friday morning.
A further GBP0.75 million will be paid subject to Wholesale Power UK hitting earnings targets through to 2017.
Wholesale Power UK is a Blackpool-based energy procurement consultancy and the acquisition will add service specialism for Inspired Energy and increase its client base.
"Inspired continues to go from strength to strength, ensuring we continue to deliver best advice to customers. We are delighted to conclude the acquisition of WPUK, which increases the breadth of our target customer base, further enhances our sector specialism and expands our service offering for our Corporate customers," said Janet Thornton, Inspired Energy's chief executive officer.
By Sam Unsted; [email protected]; @SamUAtAlliance
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