Energy Assets has bought Russian energy giant Gazprom’s Manchester unit for £13.5m.
The London-listed gas meter specialist will acquire Gazprom’s subsidiary, Gazprom Global Energy Solutions (GGES), for £6m in cash, a bonus payment of £3m and existing debt of £4.5m that will be refinanced upon acquisition. The transaction will more than double Energy Assets’ portfolio.
The deal will be funded from the £11.7m raised from Energy Assets’ IPO in March this year.
Manchester-based GGES provides metering and sitework services to gas suppliers, and it manages a portfolio of around 27,000 data points.
Chief executive of Energy Assets Phil Bellamy-Lee said the deal would develop the long-standing relationship” between the British firm and Gazprom.
“It will double our data logger portfolio and deliver a siteworks service to a growing gas supplier base,” he added.