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
Latest news
Rotochopper Welcomes 120 To Minnesota Demo Day
Attendees and Rotochopper employees alike were excited for the return of Demo Day and the opportunity to gather while seeing Rotochopper’s newest equipment in action at Herman’s Landscape Supplies in Jordan, Minn. This was the 10th Demo Day event for Rotochopper, with 120 people from across North America participating…
Bruks Siwertell Launches New Mobile Chipper
Bruks Siwertell has expanded its product range with the introduction of the Bruks 1006.3 RT industrial mobile wood chipper. The truck-mounted chipper has a flexible design, and offers high-capacity chipping capabilities for a range of applications, like fuel chip production…
Metsä Group Starts Kemi Bioproduct Mill
The largest investment of the forest industry in Finland—the new Kemi bioproduct mill and paperboard mill expansion—came into operation as planned on Wednesday, September 20, 2023. The operations will start department by department. Pulp deliveries from the new mill to customers will begin in October 2023…
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.