Smart meter firm Calisen has received a takeover offer less than a year after going public.
In an update this morning Calisen announced it had received an offer from Coyote Bidco, a newly incorporated consortium of investors, which values the firm at £1.43bn.
Under the terms of the deal, each Calisen shareholder will receive 261 pence per share, It represents a premium of 26 per cent to its stock’s last closing price of 206.6 pence, but just 8.8 per cent higher than its IPO price.
The KKR-backed firm made its public debut in February 2020.
The new investors include units of Blackrock, Goldman Sachs and Abu Dhabi state fund Mubadala Investment.
They believe that Calison “represents an attractive opportunity to invest in the energy transition sector via one of the largest owners of smart meters in the UK with strong growth potential and opportunities to expand into adjacent sectors.”
Bidco also said that there is an opportunity to expand the business internationally to regions with similar regulations.
The Calisen board has recommended shareholders accept the takeover offer.
“The all-cash offer represents an attractive opportunity for all shareholders to crystallise their investment in Calisen in the near term and also provides a meaningful premium to the prevailing share price,” said Phil Nolan, chair of Calisen. “We believe that the consortium has considerable experience investing in and supporting similar infrastructure businesses and we are pleased that they intend to support Calisen’s strategy and growth ambitions”.