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
Carbotech Group Announces New Strategic Direction
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Carbotech Group is proud to announce a major strategic step: The unification of Carbotech and Autolog, acquired in 2021, under a single operational entity, Carbotech. This initiative strengthens the company’s identity,…
BE&E Parent Company Announces $16.2 Investment In Kentucky Plant
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Floyd Holdings has announced a collaboration with the Commonwealth of Kentucky and BE&E’s Greenville Manufacturing operation, whereas BE&E will partner with the state to invest in the expansion of the current…
Freres Fire Response Lawsuit Dismissed
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); A federal judge has ruled against Freres Lumber Co. and subsidiary Freres Timber of Lyons, Ore., dismissing the company’s lawsuit against the U.S. Forest Service (FS) over its response to the…
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.