The board of the FTSE 250-listed group, which only floated in February of this year, has recommended shareholders accept the offer of 261p cash per share.
This is a premium of 26.3% to the group’s207p closing price on Thursday but not much higher than the 240p at which Calisen floated less than 11 months ago.
The offer has been made by a consortium consisting of the Global Energy & Power Infrastructure Fund III, which is run by BlackRock, together with UAE-based co-investor Ninteenth Investment Company, and a number of funds run by Goldman Sachs (the investment bank that was, incidentally, one of the book-runners on Calisen’s February flotation).
The Calisen board said the offer it has accepted was the third made by the consortium and, while the company has been awarded preferred bidder status on a further 1.3mln meters since the IPO and undertaking a refinancing which reduced the overall cost of debt, and remain confident of the company’s ability to achieve its strategy as set out at the time of the IPO, chairman Phil Nolan said: “The all-cash offer represents an attractive opportunity for all shareholders to crystallise their investment in Calisen in the near term and also provides a meaningful premium to the prevailing share price.”
Khaled Al Qubaisi, CEO of the Aerospace, Renewables and Information & Communications Technology business platform of Mubadala, which runs Ninteenth Investment Company, said: “We are excited to be investing into Calisen, an important UK energy infrastructure company which helps drive energy efficiency initiatives. The investment fits with Mubadala’s aim to invest in businesses which contribute to the energy transition and offer long-term, predictable cash flow generation.
“We look forward to working with our like-minded consortium partners to support management in delivering the smart meter roll-out, and explore ways to continue expanding the business into adjacent energy efficiency sectors.”