Good Energy agrees takeover by firm linked to United Arab Emirates' Royal family
Good Energy agrees takeover by firm linked to United Arab Emirates' Royal family
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Good Energy has accepted a revised £99.4m takeover bid from Dubai-based Esyasoft, a company with ties to the United Arab Emirates' Royal family. The offer of 490p per share comes after Esyasoft initially expressed interest in a 412p-per-share deal in late October, which Good Energy deemed an "unsolicited" approach that undervalued the company's growth potential.
However, with the agreed-upon takeover, Good Energy believes it has secured "a good deal which will ramp up the company’s renewable purpose". Chief executive Nigel Pocklington stated: "Today we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially.".
He added that while the board remains confident in Good Energy's strategy as a publicly listed company, Esyasoft's financial resources and presence in new markets significantly enhance their potential. Juliet Davenport, Good Energy's founder and former chief executive, reflected on the company's 25-year history, saying: "I founded Good Energy 25 years ago to be a pioneer in the provision of clean power to all customers in the UK.".
She noted the vast changes in the energy industry since then, which was previously dominated by fossil fuels and a centralized system. Good Energy, a UK-based renewable energy company, is on the brink of a significant expansion with a new investor that could revolutionise its clean power offerings.
