UAE royals-linked Esyasoft finally offers deal for UK’s Good Energy
Dubai-based energy company Esyasoft has offered to buy Chippenham-based renewable electricity supplier and energy services provider Good Energy, after extending the deadline to make an official offer three times.
The motion is now awaiting a shareholder vote.
The deadline had previously been delayed to allow more time for Esyasoft to progress its due diligence exercise, with the deal now agreed, pending a vote by shareholders.
But Esyasoft and Good Energy have agreed a £99.4m deal at 490p per share, a premium of 66 per cent to Aim-listed Good Energy’s closing price on October 2024 25, the last trading day before the start of the offer period.
Esyasoft, which serves the power, water and gas markets via a smart grid, said it aimed to grow its customer base in the UK to become a market-leading business, if the deal is given the green light.
“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,” Bipin Chandra, chief executive and founder of Esyasoft said.
Esyasoft is ultimately controlled by the Abu Dhabi International Holding Company (IHC), the investment company chaired by the son of the UAE’s founder, Sheikh Tahnoun bin Zayed Al Nahyan.
Good Energy, which was founded in 1999, created the market to pay domestic solar generators and provides support for community energy and small scale renewables.
The company has also invested in electric vehicles, buying a stake in leading EV app and charging data provider in the UK Zapmap.
Its share price has risen more than 44 per cent in the last six months as a result of Esyasoft’s interest.
“Good Energy has had the same express purpose to power a cleaner, greener future for 25 years. Today we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially,” Nigel Pocklington, chief executive of Good Energy, said.
Esyasoft first made an unsolicited offer on October 26 with a deadline of November 25, but extended the deadline to December 23, January 20 and then February 17.
Correction: This article was updated to reflect the fact that the shareholder vote on the deal has yet to happen.