Good Energy agrees near-£100m takeover by UAE-linked firm
Good Energy agrees near-£100m takeover by UAE-linked firm
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Esyasoft to acquire UK company, which supplies renewable power to about 245,000 households. A British green electricity supplier, Good Energy, has agreed a near-£100m takeover by a company controlled by a member of Abu Dhabi’s ruling family. The retail energy company said on Monday it had agreed a deal with the Dubai-headquartered Esyasoft for a cash offer of £4.90 a share, valuing it at £99.4m.
The share price of Good Energy, listed on London’s junior Alternative Investment Market, rose by a fifth on Monday morning to £4.75. The offer was two-thirds higher than Good Energy’s share price on the day before Esyasoft’s interest was first revealed in October.
Good Energy serves about 245,000 customers in the UK, providing 100% renewable electricity as well as specialising in letting users sell solar power back to the grid. It also installs solar panels and heat pumps. Esyasoft is ultimately controlled by the Abu Dhabi International Holding Company (IHC), the investment company chaired by Sheikh Tahnoun bin Zayed al-Nahyan, the son of the United Arab Emirates’ founder, and part of the Abu Dhabi ruling family.
IHC owns companies involved in oil and gas drilling, including servicing the huge growth of the US shale gas industry. However, IHC also counts solar power among its investments, and Esyasoft focuses on power distribution technology. The takeover would give a windfall to the energy entrepreneurand Labour donor Dale Vince, whose holding company Green Britain Group is the largest shareholder in Good Energy, with a 26% stake.
