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
666.50p
17:15 12/11/24
3.82%
24.50p
Electricity
10,522.05
17:09 12/11/24
-1.12%
-118.85
FTSE 250
20,427.80
17:09 12/11/24
n/a
n/a
FTSE 350
4,434.53
17:09 12/11/24
n/a
n/a
FTSE All-Share
4,393.14
16:34 12/11/24
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.