Calisen PLC accepts takeover offer less than a year after floating

The supply price is just 21p higher than the company’s initial public supply price 11 months back

(), the smart meter set up specialist, has agreed to be bought by a consortium of personal fairness resources for £1.4bn.

The board of the FTSE 250-outlined team, which only floated in February of this calendar year, has recommended shareholders settle for the supply of 261p money for every share.

This is a top quality of 26.three{5f1a26c78b28d929d9f27dbb969c4a714b2b0100827b4d18c2e7d82d75f494e2} to the group’s207p closing price on Thursday but not significantly higher than the 240p at which Calisen floated significantly less than 11 months back.

The supply has been designed by a consortium consisting of the World wide Electrical power & Energy Infrastructure Fund III, which is operate by , with each other with UAE-primarily based co-investor Ninteenth Investment decision Corporation, and a quantity of resources operate by (the financial investment financial institution that was, incidentally, one of the guide-runners on Calisen’s February flotation).

The Calisen board claimed the supply it has acknowledged was the third designed by the consortium and, whilst the company has been awarded favored bidder position on a additional one.3mln meters considering the fact that the IPO and enterprise a refinancing which reduced the total value of personal debt, and remain self-assured of the company’s capability to obtain its tactic as set out at the time of the IPO, chairman Phil Nolan claimed: “The all-money supply represents an appealing chance for all shareholders to crystallise their financial investment in Calisen in the in the vicinity of phrase and also gives a significant top quality to the prevailing share price.”

Khaled Al Qubaisi, CEO of the Aerospace, Renewables and Info & Communications Technology small business platform of Mubadala, which runs Ninteenth Investment decision Corporation, claimed: “We are fired up to be investing into Calisen, an important Uk vitality infrastructure enterprise which assists push vitality performance initiatives. The financial investment matches with Mubadala’s aim to spend in businesses which lead to the vitality changeover and supply long-phrase, predictable money move technology.

“We look forward to doing the job with our like-minded consortium associates to assistance management in delivering the smart meter roll-out, and explore means to go on expanding the small business into adjacent vitality performance sectors.”