Calisen PLC accepts takeover offer less than a year after floating

The provide value is just 21p greater than the firm’s preliminary community provide value 11 months back

(), the wise meter set up professional, has agreed to be bought by a consortium of personal equity cash for £1.4bn.

The board of the FTSE 250-outlined group, which only floated in February of this calendar year, has suggested shareholders accept the provide of 261p cash for every share.

This is a high quality of 26.3% to the group’s207p closing value on Thursday but not a great deal greater than the 240p at which Calisen floated considerably less than 11 months back.

The provide has been created by a consortium consisting of the Worldwide Electricity & Electrical power Infrastructure Fund III, which is run by , collectively with UAE-centered co-trader Ninteenth Investment decision Firm, and a quantity of cash run by (the investment decision lender that was, incidentally, a single of the book-runners on Calisen’s February flotation).

The Calisen board mentioned the provide it has acknowledged was the third created by the consortium and, whilst the company has been awarded most popular bidder position on a more one.3mln meters considering that the IPO and enterprise a refinancing which minimized the over-all price tag of debt, and remain assured of the firm’s capability to accomplish its approach as established out at the time of the IPO, chairman Phil Nolan mentioned: “The all-cash provide signifies an appealing chance for all shareholders to crystallise their investment decision in Calisen in the around term and also offers a significant high quality to the prevailing share value.”

Khaled Al Qubaisi, CEO of the Aerospace, Renewables and Information and facts & Communications Technologies company platform of Mubadala, which operates Ninteenth Investment decision Firm, mentioned: “We are excited to be investing into Calisen, an significant United kingdom strength infrastructure company which allows generate strength efficiency initiatives. The investment decision matches with Mubadala’s purpose to invest in companies which lead to the strength changeover and provide extensive-term, predictable cash circulation technology.

“We seem ahead to doing work with our like-minded consortium partners to help administration in offering the wise meter roll-out, and explore strategies to continue on growing the company into adjacent strength efficiency sectors.”