Manchester-based smart meter company Calisen plc has agreed to be bought out for cash by a consortium of investors in a deal that values the smart meter company at about £1.43 billion or 261p per share.
The consortium includes units of BlackRock Inc, Goldman Sachs Group Inc and Abu Dhabi state fund Mubadala Investment Co.
Calisen has been a public firm only since February, when it priced its initial public offering at 240p per share.
Calisen has two businesses. Its Calvin Capital business owns and manages domestic electricity and gas meters — and its Lowri Beck unit carries out installation, meter reading and maintenance services for energy retailers.
Calisen chair Phil Nolan said: “The all-cash offer represents an attractive opportunity for all shareholders to crystallise their investment in Calisen in the near term and also provides a meaningful premium to the prevailing share price.
“We welcome the consortium’s support for Calisen’s long-standing customer relationships, current high standards for meter operations and customer service through its end-to-end metering offering.
“We believe that the consortium has considerable experience investing in and supporting similar infrastructure businesses and we are pleased that they intend to support Calisen’s strategy and growth ambitions as it continues to deliver on its purpose of accelerating the development of a cleaner, more efficient and sustainable energy segment.”