PC: MoneyController
Good Energy, which is based in Chippenham, became today the subject of a £99.4m bid by Esyasoft, based in Dubai. It has connections to the royal family of the United Arab Emirates. The offer was finally accepted after Esyasoft decided to raise its offer to 490p per share after a long bidding process where deadlines were extended three times.
A Revised Offer Secures the Deal
Esyasoft made an initial approach to acquire Good Energy in late October with an offer of 412 pence per share. This unsolicited offer was rejected by the board of Good Energy on the grounds that it undervalued the company and did not reflect its growth potential. The company stated that the unsolicited approach was unwelcome and explained that it intended to continue pursuing its long-term strategic vision through its business.
However, with the new offer of 490p per share, a breakthrough was made, with the Good Energy board stating when the deal was announced that this would be a potential chance for furtherance of the renewable mission at the company.
A Partnership to Accelerate Renewable Goals
Nigel Pocklington, chief executive of Good Energy, was optimistic about the partnership, suggesting shared values and ambition between the two companies. “Today we have an opportunity with a partner who shares our sustainable energy vision and has the resources to accelerate our purpose substantially,” he said.
While affirming board confidence in Good Energy as a standalone public company, Mr. Pocklington noted advantages in establishing a partnership with Esyasoft. He cited the financial resources and access to new markets afforded by the Dubai-based partner and suggested these factors together could provide considerable growth opportunities for the company.
The combination is expected to position Good Energy in a stronghold in the renewable energy sector and allow it to expand operations and develop its potential to deliver sustainable energy solutions to UK homes and businesses.
A Milestone for Good Energy
Juliet Davenport, founder of Good Energy and its former chief executive, reflected back on the last 25 years of the company and the influence it had on the UK energy market. She pointed out the company’s pioneering role in the supply of clean energy to domestic and commercial customers and affirmed that the company has remained very committed to sustainability.
“I founded Good Energy 25 years ago to create an innovative vision of how clean power ought to be brought to all customers in the UK,” Davenport said of the importance of partnering in the company’s quest for a greener future.
With the takeover, Good Energy has reached another milestone in the development of its own self and quid propriety, it bridges the company and propelling its renewable-energy projects with the financial assistance and strategic backing of Esyasoft.
Looking Ahead
This collaboration marks a new dawn in Good Energy’s history. A perfect match for a future that leads to sustainable energy. With the support of its new partner, the company is setting forth upon new ground, leveraging its achievements in order to enhance its missions in renewable energy. For Good Energy, this agreement is not just about the financial transaction; it is about establishing itself at the forefront of clean energy innovation and pushing for change in the UK and beyond.
