Slaughter and May is advising Drax on its acquisition of Pinnacle Renewable Energy Inc.

Slaughter and May, working as an integrated team with Osler, Hoskin & Harcourt LLP, is advising Drax Group plc on its all-cash acquisition of the entire issued and to be issued share capital of Pinnacle Renewable Energy Inc. at a price of C$11.30 per share (representing a premium of 13% based on the closing market price as at 5 February of C$10.04 per share and valuing the fully diluted equity of Pinnacle at C$385 million (£226 million) with an implied enterprise value of C$741 million, including C$356 million of net debt).

The acquisition of Pinnacle, a major international producer and supplier of sustainable biomass, will position Drax as the world’s leading sustainable biomass generation and supply business.

Due to its size, the acquisition is a Class 1 transaction for Drax under the Listing Rules, and shareholder approval is therefore a condition to completion. Completion is expected to occur in Q2 or Q3 2021.

Jessica Harries Associate
Robert Longman Associate

Philippa Mosley / Trainee, Hanna Keller / Trainee, Annabel Allen / Trainee

Isabel Taylor Partner
Jonathan Slade Partner
Emily McMorrow Associate
Guy O'Keefe Partner
Melissa Maynard Associate