(Alliance News) - Midcap smart energy provider Calisen PLC said Friday its GBP1.43 billion takeover by Coyote Bidco Ltd - infrastructure funds led by BlackRock Inc - has been approved by the antimonopoly regulators in Ukraine.
The deal, Calisen said, been approved by the Antimonopoly Committee of Ukraine without any conditions.
In early February, the deal was approved by Chinese regulators, which followed EU, UK and Australian regulators giving the deal the green light in mid-January.
The acquisition remains subject to other conditions and terms, including court sanction of the deal.
The scheme sanction hearing to approve the acquisition is scheduled for March 16. Calisen's shares are expected to be delisted from London on March 18.
The board of Manchester-headquartered agreed unanimously to the offer in early December, with shareholders set to receive 261 pence per share in cash.
The deal represents a 50% premium to the firm's three-month volume weighted average closing price the deal before the deal was announced of 174p.
Calisen shares were trading 0.1% lower at 260.60 pence each on Friday morning in London.
The takeover, by Coyote Bidco, is considered "fair and reasonable" by Calisen's board.
Coyote is a consortium made up of two parts: Global Energy & Power Infrastructure Fund III and a series of West Street funds, which are managed by Goldman Sachs.
The first half, Global Energy & Power, is acting on behalf of its investment manager BlackRock Alternatives Management and its co-investor Ninteenth Investment Co, an indirectly wholly-owned subsidiary of Mubadala Investment Co PJSC. The second half of the consortium is made up of West Street International Infrastructure Partners III AIV, West Street Global Infrastructure Partners III AIV, West Street European Infrastructure Partners III AIV, Broad Street Credit Holdings Europe Sarl and GLQ Holdings.
"Bidco believes that Calisen represents an attractive opportunity to invest in the energy transition sector via one of the largest owners of smart meters in the UK with strong growth potential and opportunities to expand into adjacent sectors," Coyote said.
The bidders said they were particularly attracted by Calisen's Lowri Beck installation, meter reading and maintenance arm, which it had acquired back in August 2019. "Calisen's integrated service provides an end-to-end metering offering," they said.
By Paul McGowan; paulmcgowan@alliancenews.com
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