eEnergy Group Plc (AIM:EAAS) agreed to acquire UtilityTeam TopCo Limited and 5% of UtilityTeam Trading Limited for £21 million, on a cash-free and debt-free basis on September 15, 2021. The consideration consists of cash consideration of £9,527,500 payable on completion, further cash consideration of £2,000,000 payable on or before 31 December 2021, as well as £4,327,500 which will be satisfied by the issue of 18,031,249 new ordinary Shares to be issued at a price of 24 pence per Ordinary Share and an earn-out consideration of a maximum of £5,145,000 will be paid in cash up to £1,472,500 and any balance in Ordinary Shares. The Initial cash consideration of £9,527,500 will be funded through a placing of approximately £12 million (gross) to new and existing institutional. The acquisition is expected to be significantly earnings enhancing immediately in the year ending 30 June 2022. Chief Executive Officer of UtilityTeam, Delvin Lane, will join the Company's management team and will lead the Group's enlarged Energy Management as a Service (EMaaS) Division. The transaction is anticipated to complete on September 17, 2021. Singer Capital Markets acted as nominated advisor to eEnergy Group Plc.

eEnergy Group Plc (AIM:EAAS) completed the acquisition of Utilityteam Topco Limited and 5% of Utilityteam Trading Limited on September 17, 2021. As of July 28, 2022, eEnergy (AIM: EAAS) announces payment of earn out consideration for the acquisition of UtilityTeam, now a key part of the Group's Energy Management division.