Calisen PLC accepts takeover offer less than a year after floating

(), the good meter set up specialist, has agreed to be bought by a consortium of non-public fairness money for £1.4bn.

The board of the FTSE 250-outlined team, which only floated in February of this calendar year, has suggested shareholders accept the offer you of 261p money for each share.

This is a top quality of 26.three% to the group’s207p closing selling price on Thursday but not a lot bigger than the 240p at which Calisen floated considerably less than 11 months in the past.

The offer you has been made by a consortium consisting of the Worldwide Electricity & Electric power Infrastructure Fund III, which is operate by , together with UAE-centered co-trader Ninteenth Investment Business, and a number of money operate by (the investment decision financial institution that was, incidentally, just one of the reserve-runners on Calisen’s February flotation).

The Calisen board stated the offer you it has recognized was the third made by the consortium and, when the company has been awarded favored bidder status on a further more one.3mln meters because the IPO and undertaking a refinancing which minimized the all round price tag of credit card debt, and remain confident of the company’s capability to achieve its strategy as set out at the time of the IPO, chairman Phil Nolan stated: “The all-money offer you signifies an beautiful prospect for all shareholders to crystallise their investment decision in Calisen in the near expression and also supplies a significant top quality to the prevailing share selling price.”

Khaled Al Qubaisi, CEO of the Aerospace, Renewables and Data & Communications Technology business enterprise platform of Mubadala, which operates Ninteenth Investment Business, stated: “We are fired up to be investing into Calisen, an important Uk electricity infrastructure business which aids generate electricity efficiency initiatives. The investment decision suits with Mubadala’s purpose to commit in companies which add to the electricity changeover and offer you extensive-expression, predictable money flow technology.

“We seem ahead to operating with our like-minded consortium associates to support administration in providing the good meter roll-out, and explore techniques to proceed expanding the business enterprise into adjacent electricity efficiency sectors.”