(Alliance News) - Drax Group PLC on Tuesday announced it has completed the acquisition of Pinnacle Renewable Energy Inc.
The Selby, England-based electrical power station operator said that the Supreme Court of British Columbia in Canada granted a final order for the acquisition last Tuesday. All the conditions to the acquisition were satisfied or waived as of last week.
Drax said it agreed back in February to acquire Pinnacle in a deal that valued the Canadian biomass producer and supplier's fully diluted equity at CAD385 million, or GBP226 million. This gave it an implied enterprise value of CAD741 million, including net debt of CAD356 million.
"We expect to benefit greatly from Pinnacle's operational and commercial expertise, and I am looking forward to what we can achieve together. It will pave the way for our plans to use bioenergy with carbon capture and storage, and become a carbon negative company by 2030 - permanently removing millions of tonnes of carbon dioxide from the atmosphere each year," said Drax Chief Executive Will Gardiner in February.
Shares in Drax were up 1.0% at 417.40 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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