Drax to buy Canada's Pinnacle for £226m
UK energy producer Drax on Monday said it was buying Canadian firm Pinnacle Renewable Energy for 11.30 Canadian dollars a share, valuing it at £226m.
Drax Group
655.00p
15:45 22/11/24
0.23%
1.50p
Electricity
10,777.22
15:44 22/11/24
2.19%
231.15
FTSE 250
20,584.46
15:45 22/11/24
n/a
n/a
FTSE 350
4,551.10
15:45 22/11/24
n/a
n/a
FTSE All-Share
4,506.61
15:45 22/11/24
n/a
n/a
Drax said the offer price for Toronto-listed Pinnacle also implied an enterprise value of CAN$741m, including CAN$356m of debt.
Pinnacle operates 2.5m of biomass capacity at sites in Western Canada and the Southeastern US, with a further 0.4m of capacity in development to be commissioned in 2021.