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
2025 WWPA Master Lumberman Nominations Open
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Western Wood Producers Assn. (WWPA) has opened nominations for the 2025 Master Lumberman honors. The awards will be presented at the Association’s Annual Meeting on April 14, 2025. Master Lumberman is…
Spruce Products Ltd. Goes With Valutec TC Continuous Kiln
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); At a time when low-cost mass production solutions are the norm, it’s worth remembering why custom products from specialized companies will always have their place. When sawmill plant manager Rod Pidskalny…
Burton Acquires Industrial Cutting Tools
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Burton Mill Solutions announced its acquisition of Industrial Cutting Tools (ICT) of Quitman, Ga. ICT specializes in reconditioning cutting tools for sawmill, chip, and pellet operations throughout the Southeastern U.S. 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.