LONDON (Alliance News) - SIMEC Atlantis Energy Ltd said Friday it has agreed to acquire SIMEC Green Highland Renewables at an enterprise value of GBP124.7 million.
The company will be acquired with up to GBP95 million of long-term project financing already in place. SIMEC Green Highland is being bought from SIMEC Group, an affiliate of SIMEC Atlantis.
In addition, Green Highland will benefit from a GBP24 million capex facility to fund all planned future needs as well as a GBP2 million revolving credit facility.
Taking into consideration the planned financing, the acquisition will be concluded for up to GBP29.7 million, of which GBP14.9 million in cash the rest in shares.
The acquisition represents a "further step towards the transformation of Atlantis into a diversified energy company of scale owning a broad spectrum of sustainable energy assets", the firm said.
SIMEC Atlantis shares closed 1.5% lower on Friday at a price of 16.75 pence each.
SIMEC Atlantis Energy (SAE)