Inspired Energy (AIM:INSE) told investors today that it has now completed the acquisition of the outstanding 60% of Ignite Energy for an initial consideration of £11.0 million.
Ignite will now become a wholly owned subsidiary of Inspired Energy after the AIM-listed energy consultant bought an initial 40% in Ignite Energy interest back in August 2019.
The company said it will pay £5.5 million of cash and £5.5 million of shares, on a debt free cash free basis supported by the group's recent £35 million fundraise.
"We are delighted to welcome Ignite to the Group as a wholly owned subsidiary and look forward to accelerating the growth of the Group's optimisation services by maximising the cross-selling opportunities it will present,” said Mark Dickinson, CEO of Inspired Energy.
Shares in Inspired Energy opened flat at 16p on Friday morning.
He added, “The immediate focus is on fully integrating Ignite into the Group, whilst continuing to appraise the other M&A opportunities available to management.”
"Completion of the acquisition combined with our assurance service for customers really sets Inspired Energy apart as a leader in utility cost optimisation and legislative compliance to corporate energy consumers."
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