Flogas Britain Limited agreed to acquire eEnergy Consultancy Limited, eEnergy Insights Limited and Eenergy Management Limited from eEnergy Group Plc (AIM:EAAS) for £29.1 million on January 22, 2024. Initial total consideration of £29.1 million, comprising £25.0 million cash being received by the Group with the balance of £4.1 million being used to repay amounts due from the Group to the Energy Management Division. Additional contingent consideration, estimated by the Company to be in the range of £8 million to £10 million. Completion is expected to occur, subject to shareholder approval of the Transaction by eEnergy shareholders at a General Meeting to be held on or about February 7, 2024. The Energy Management Division, for the 12-month interim period to 30 June 2023, reported revenues of £13.6 million and adjusted EBITDA of £4.4 million. On February 7, 2024, the shareholders approved the Resolution to dispose of the Energy Management Division. The contingent consideration will be payable in two instalments, covering the period from completion to 30 September 2024, and the 12-month period to 30 September 2025.

Richard Johnson and James Harris of Strand Hanson Limited acted as financial advisor to eEnergy Group Plc. Max Hartley and Harry Pardoe of Canaccord Genuity Limited and Andy Thacker and James Pope of Turner Pope Investments acted as joint broker in the transaction.