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Alinda Funds picks up Energy Assets Group for £198m in cash Mon, 18 April 2016 (ShareCast News) - Energy Assets agreed to be bought by BidCo, a company wholly-owned by Alinda Funds, for approximately £198m in cash. The Livingston-based firm - which floated on the LSE on 22 march 2012, with a market cap of £57m - described itself as the UK's largest independent provider of industrial and commercial gas metering services. BidCo, which was wholly owned by Alinda Funds, said it would pay 685p per share of Energy Assets, representing a premium of approximately 48.0% on the closing share price of Energy Assets on the day prior to the announcement. Alinda Funds's offer valued the company at approximately 13.8 times earnings before interest, taxes, depreciation and amortisation for the period ended on 31 March 2015, Energy assets said in a statement. The consideration payable under the Acquisition will be funded through a mixture of equity financing provided by the Alinda Funds and debt funding from bank facilities provided to the BidCo Group. Commenting on the Acquisition, Dr Christopher Masters, Chairman of Energy Assets, said: "Since the time of the IPO of Energy Assets in March 2012, Energy Assets has successfully executed its strategy of generating high levels of revenue growth, broadening its activities and market reach and increasing profitability. Whilst Energy Assets is well placed to continue to deliver on its stated strategy, the recommended acquisition by BidCo announced today will enable shareholders to crystallise an immediate and certain value in cash. "It represents a significant premium to both the recent share price trading levels and the share price at the time of the IPO and avoids exposure to the risks and uncertainties implicit in executing a forward looking strategy. Furthermore, the combination with BidCo represents an exciting opportunity for Energy Assets' clients, employees, partners and other stakeholders to benefit from being a part of Alinda." As of 10:08 BST shares in Energy Assets were higher by 38.83% to 677.5p. |
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| aus der Diskussion: | Energy Assets plc |
| Autor (Datum des Eintrages): | R-BgO (04.05.16 10:16:10) |
| Beitrag: | 4 von 6 (ID:52340842) |
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