Good Energy agrees £99.4m takeover by Dubai’s Esyasoft
Good Energy agrees £99.4m takeover by Dubai’s Esyasoft
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Good Energy has agreed to a sweetened £99.4 million takeover by a company with links to the United Arab Emirates’ royals. Dubai-based Esyasoft will pay 490p a share for Good Energy after upping its bid, which comes after the deadline for a firm offer was extended three times.
Esyasoft first told bosses at Good Energy that it was weighing up a 412p-a-share offer in late October. Good Energy – which is based in Chippenham, Wiltshire, and supplies electricity to UK homes and businesses – described the approach at the time as an “unsolicited” advance which did not reflect the future growth opportunities of the firm.
But on announcing the agreed takeover it said it is “a good deal which will ramp up the company’s renewable purpose”. Chief executive Nigel Pocklington said: “Today we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially.
“Whilst the board remains confident in Good Energy’s strategic delivery as a publicly listed company, Esyasoft’s financial resources, in addition to its presence in new markets, present a significant increase in our potential.”. Juliet Davenport, founder and former chief executive of Good Energy, said: “I founded Good Energy 25 years ago to be a pioneer in the provision of clean power to all customers in the UK.
“The energy industry back then was very different, founded around fossil fuels and designed to be a centralised system. “This new investor for Good Energy offers an opportunity to scale the Good Energy propositions leading the decentralised and flexible clean power offering for the prosumers of the future to make a real difference to climate change.”.
