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Good Energy on verge of £100m sale

Good Energy shares jumped at news of takeover by UAE firm

Good Energy Group is on the brink of being sold for almost £100 million.

The firm, started in 1999 by Juliet Davenport became Good Energy in 2003, breaking the mould by only suppying 100% renewable power, it grew to become a household supplier. Now it has agreed to be bought in a deal valued at £99.4 million by Abu Dhabi based Esyasoft.

Today its share price rose 21.5% as the board backed the deal.

Esyasoft Group, aims to create an ‘end-to-end smart grid business with approximately one billion end-use customers’.

Posting the deal notice on the London Stock Exchange, Bipin Chandra, CEO and Founder of Esyasoft Holding, said: “What strikes us about Good Energy is how aligned it is both strategically and culturally with our own business. Good Energy, like Esyasoft, is driven by a vision to deliver a smart, green and sustainable energy future for all.

“We have a strong track record of supporting businesses involved in critical energy infrastructure and climate technologies, and therefore our portfolio of services is highly complementary to Good Energy’s.”

In backing the sale Nigel Pocklington, CEO of Good Energy said: “Today we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially.

“Whilst the Board remains confident in Good Energy’s strategic delivery as a publicly listed company, Esyasoft’s financial resources, in addition to its presence in new markets, present a significant increase in our potential.”

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