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
Satellite Pellet Mills Will Count On Sawmill Byproducts
Drax Purchase Alters Biomass Landscape
Latest News
Reaching Excellence
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Article by Jessica Johnson, Senior Associate Editor, Timber Processing September 2019 The parallels between sports and success are strong; the life lessons kids learn while playing on teams is invaluable. Teaching…
Mid-South Recognized For Work At Dierks
Mid-South Engineering, Hot Springs, Ark., was awarded three Engineering Excellence awards from the Arkansas branch of the American Council of Engineering Companies for its work on the new 388MMBF Weyerhaeuser sawmill in Dierks, Ark. Among…
Evergreen Adds Seattle Office
Evergreen Engineering, Inc., is adding a location in the Seattle, Wash. area. “We wanted to better serve our major wood products and pulp & paper clients in Washington state,” comments Evergreen Business Development Director Aaron…
Find Us On Social
Newsletter
The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.
Subscribe/Renew
Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.