Drax Group PLC - Selby, England-based electrical power station operator - Says supreme court of British Columbia on Tuesday granted final order in respect of Drax's acquisition of Pinnacle Renewable Energy Inc. All the conditions to the acquisition have now been satisfied or waived and completion is expected to occur next Tuesday.
In February, Drax said it had agreed to acquire Pinnacle in a deal valuing the Canadian biomass producer and supplier's fully diluted equity at CAD385 million, or GBP226 million, with an implied enterprise value of CAD741 million, including net debt of CAD356 million.
Drax current stock price: 419.28 pence, up 2.4% on Wednesday
Year-to-date change: up 12%
By Lucy Heming;Â lucyheming@alliancenews.com
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Drax (DRX)