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
Lumber Supplier Canfor Loans $30 Million To Conifex
Canfor and Conifex say an investment agreement between the two lumber producers for $30 million has been completed. The loan by Canfor to Conifex Inc., a wholly-owned subsidiary of Conifex Timber is for five years,…
World’s Tallest Wood Building Now Under Construction
Cross laminated timbers are being used in mass quantities for the tallest wood building so far: a 121-unit, 10-story apartment complex in London. Architects Waugh Thistleton, CLT engineers Ramboll and developer Regal Homes, says the…
Conifex Timber Buying Shuttered G-P Sawmill In Arkansas
Conifex Timber Inc. of Vancouver, Canada, said Thursday that it is buying the former Georgia-Pacific sawmill south of El Dorado. The statement said Conifex has completed the purchase of the outstanding shares and shareholder loans…
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.