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eEnergy Group Plc (LON:EAAS) has conditionally agreed to acquire the whole issued and to be issued capital of a renewable energy consulting and procurement business, Beond Group Limited.
- The company to be acquired is a top 20 renewable energy consulting and procurement business with operations in the UK.
- The total consideration for the acquisition comprises approximately £2.4 million in cash and the issue of 64,948,456 consideration shares. The cash component also includes £0.7 million of surplus cash in the business.
- The acquisition will partially be funded through a placing for a minimum of £3.0 million at 10 pence per Placing Share, which will be conducted by via ABB.
- The company has stated that the acquisition is in line with its broader strategy to create a wider Energy Services company through its "buy and build" acquisition strategy.
- The acquisition of Beond is likely to be materially earnings enhancing in the first full year of ownership. For the year to 31 December 2019, its revenue surged by 10.5 per cent to £3.3 million. Derek Myers, CEO of Beond will become a part of the Board of eEnergy on Admission.
- The stocks of the company on 11 December 2020, remained unchanged at its previous closing, hovering at around GBX 10.40 at 12:32 PM GMT+1.
