Sale of metering company
Livingston firm Energy Assets sold in £198m deal
Shareholders will receive 685p in cash for each share, a 40.4% premium to the 488p closing price on Friday.
The acquisition of the Livingston-based firm represents an enterprise value multiple of approximately 13.8 times Energy Assets’ EBITDA for the period ended 31 March 2015.
Energy Assets chairman, Chris Masters, 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.”
Chris Beale, managing partner of Alinda Capital Partners, said: “Energy Assets is a strong company with a robust business model which we have followed for some time.
“We are committed to enhancing Energy Assets’ position as a leading independent operator during an important phase for the business as it invests in the roll-out of smart meters and to working with its customers, employees and management to continue the success of the Company.”