UK’s Drax to buy Pinnacle Renewable Energy for $581 million including debt By Reuters

(Reuters) – British power producer Drax said on Monday it would buy Canada-based Pinnacle Renewable Energy Inc in a deal with an implied enterprise value of C$741 million ($580.58 million) including debt.

Drax said the C$11.30 per share offer represented a 13% premium to Pinnacle’s Feb. 5 closing price, adding that the acquisition has been approved by the board of the Canadian company.

Pinnacle Renewable Energy produces sustainable fuel for renewable electricity generation.