OSLO, April 7 (Reuters) - British power producer Drax
said on Wednesday it would complete its purchase of
Canada-based Pinnacle Renewable Energy Inc on April 13
after clearing a final regulatory hurdle.
The Supreme Court of British Columbia had granted the final
order for the acquisition on April 6, Drax said.
This meant all the conditions to complete the acquisition had
now been satisfied or waived, it added.
Drax and Pinnacle shareholders have approved the
transaction.
Pinnacle Renewable Energy produces sustainable fuel for
renewable electricity generation and the deal values the company
at C$741 million ($588 million) including debt.
($1 = 1.2606 Canadian dollars)
(Reporting by Nora Buli; editing by Jason Neely)
Drax (DRX)
