Pinnacle Renewable Energy To Be Acquired By Drax Group

Pinnacle Renewable Energy Inc. has entered into an arrangement agreement with Drax Group and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.

Duncan Davies, Pinnacle’s CEO, says, “Pinnacle’s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to help meet the growing demand for renewable energy products around the world.”

The several minority partnerships Pinnacle has in place with sawmill companies appear to remain under the proposed acquisition.

RELATED ARTICLES:

Drax Satellite Mills Go With BE&E

Drax Announces $40M Investment In Arkansas

Drax Sets Sights On Carbon Capture

Pinnacle Names Duncan Davies As CEO

Pinnacle CEO Rob McCurdy Is Retiring

Pinnacle, Westervelt, Two Rivers Come Together

Earthworm, Drax Working Together

Drax Adds Rail Link

Drax Can See End Of Coal Operations

Drax Appoints White To Lead U.S.

Latest news

Astec Consolidates Product Branding

Astec Industries, Inc. is launching a new modern look with a rebranding initiative to coincide with its business model. The rebrand includes a new logo, color palette and website. The launch comes while the organization streamlines its internal structure and operations to improve efficiency and drive growth…

New From Bandit Industries: Model 1425 Track Machine

Bandit Industries’ new Model 1425 track is a highly productive and compact horizontal grinder, equipped with many of the same features as the tow-behind version and adding tracks substantially increases the capabilities of this unit. Thanks to a Caterpillar steel track…

Huber Acquires Consulting Firm

Huber Resources Corp. (“HRC”) has announced the acquisition of certain assets of Sewall Forestry & Natural Resource Consulting LLC (“SFNR”), which will grow and expand its capabilities globally in key service areas including timberland appraisals, forest inventory management and forest modeling…

Find Us On Social

Subscribe to Our Newsletter

Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.

Subscribe/Renew

Wood Bioenergy is published and delivered worldwide 6 times per year. Free to qualified readers in the U.S. Subscribers outside the U.S. are asked to pay a small fee.

Advertise

Complete the online form so we can direct you to the appropriate Sales Representative.