Good Energy accepts £100m takeover bid
Good Energy Group has accepted a bid worth almost £100m from international technology group Esyasoft.
The confirmation comes three months after a potential takeover was first revealed.
Esyasoft has the ambition of creating “an end-to-end smart grid business with approximately one billion end-use customers”. It sees Good Energy’s ethos and its potential to grow in the UK as a part of its growth plans.
The 490p-per-share offer is a 66% premium to the share price before the group reported the initial unsolicited approach, and values the group at £99.4m. The first offer in October was around £84m.
Esyasoft has so far secured commitments to back the deal from shareholders representing 30% of the company, with founder Julian Davenport and Dale Vince’s Ecotricity Group among the supporters of the takeover.
Chippenham-based Good Energy has been on its own acquisition trail, buying five companies in the past two years.
Esyasoft said it “believes that under its ownership and with sufficient investment, Good Energy could grow its customer base to become a UK market-leading business”.
Good Energy is 25 years old but in the past five years has moved from being a green energy supplier to a green energy-as-a-service business, expanding into heat pump and solar panel installation and servicing.
