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eEnergy strikes conditional agreement to acquire Beond
StockMarketWire.com
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eEnergy said it had conditionally agreed to acquire Beond, a renewable energy consulting and procurement business, in a cash and shares deal.
Under the agreement, the company would pay £2.4 million in cash and issue 64.9 million shares for the acquisition, which was expected to be completed on or about 29 December 2020.
The cash component would be funded through the placing of a minimum of £3.0 million shares at a price of 10.0 pence a share.
'Beond will bring a scalable technology platform with organic upside potential, as well as a highly complementary customer bases and improved earnings quality to eEnergy,' the company said.
Following the expected benefits of operational efficiencies and further growth initiatives post-acquisition, eEnergy expected Beond to generate: revenue growth of 22% a year from 31 December 2020 to 31 December 2022; EBITDA of approximately £0.8 million in 2022 and EBITDA margin improvement from 14% for the year to 31 December 2019 to 28% for the year to 31 December 2022.
The CEO of Beond, Derek Myers, would join the board of eEnergy on aAdmission, the company said.
At 10:07am: (LON:EAAS) share price was 0p at 9.65p
Story provided by StockMarketWire.com
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