Opus Energy announces sale to Drax Group
6th December 2016
We are pleased to announce that we have entered into a binding conditional agreement for the sale of our entire issued share capital to Drax Developments Limited, a member of the Drax Group.
Completion of the acquisition is conditional on, amongst other things, the approval of Drax’s shareholders and the approval by the European Commission of the CfD Investment Contract awarded to Drax by the UK government. It is our understanding that Drax remains confident of approval of the CfD Investment Contract.
A circular regarding the sale is expected to be sent to Drax’s shareholders in early 2017 for shareholders to vote on the acquisition, following which completion is expected to occur in early 2017.
The Board of Opus Energy commented, “We are pleased to announce today that the shareholders of Opus Energy have unanimously agreed to accept Drax’s offer to acquire the whole of the Opus Energy group subject to certain completion conditions.
Since its inception in 2002, the company has grown to become one of the UK’s biggest suppliers of energy to business customers, with a market share of 8.3% of non-domestic business supply* and over 295,000 customer sites supplied**. Our shareholders believe that the offer from Drax provides a unique opportunity which is strategically compelling for the Opus Energy group and which will allow the business to move forward to its next stage of growth.”
About Drax Group Drax Group is a FTSE 250 company listed on the London Stock Exchange and is one of the UK’s largest energy producers, employing 1400 people across electricity generation, energy supply, and compressed wood pellet manufacturing.
Media inquiries regarding the sale should be directed to:
FTI Consulting (Ed Westropp/Gareth Wynn) on 0203 727 1000
*At 30 April 2016
**At 31 October 2016