UK energy procurement consultancy services provider Inspired Energy PLC announced that it has conditionally agreed to purchase peer Inprova Finance Limited from its parent company Inprova Group Limited for 19.5 million pounds ($24.5 million) in cash.
In connection with the deal, Inspired Energy proposes to secure up to $23.9 million by way of a conditional placing of 115 million new ordinary shares at 16.5 pence per ordinary share.
Inspired Energy will make use of its existing bank facilities to fund the balance of the consideration and associated advisory fees relating to the deal.
Inspire Energy said that the purchase offers an opportunity to drive additional growth from its established platform and deliver value creation.