Good Energy Group PLC on Monday said it has accepted a £99.4 million takeover offer from UAE-based suitor Esyasoft Holding Ltd, which sweetened its bid after an approach in October.

Esyasoft’s new offer for the Chippenham, England-based renewable electricity supplier and energy services provider is 490 pence per share in cash. It values Good Energy’s equity at £99.4 million and implies an enterprise value of £67.8 million.

In October, Esyasoft had made an approach at 412p per share. Good Energy said that tilt ‘was not a fair reflection of the future growth opportunities of the company’.

The new offer is a 66% premium to Good Energy’s share price of 295p before Esyasoft’s approach in October and 24% above Friday’s close.

Early Monday, Good Energy shares were up 21% to 476.52p.

Esyasoft’s new bid already has received the backing of 30% of Good Energy’s shareholders.

‘The Good Energy board believes the cash offer from Esyasoft would provide Good Energy shareholders with an immediate realisation of this future value potential in cash at an attractive premium,’ the company said.

Abu Dhabi-based Esyasoft is an ’energy-as-a-service’ business, serving the power, water and gas market with its Smart Meter Data Management platform. It is part of the Dubai-headquartered Esyasoft Group, which makes ’internet of things’ devices and software for energy distribution and management. Esyasoft Group in turn is owned by Sirius International Holdings Ltd, a subsidiary of International Holding Co PJSC, both holding companies based in Abu Dhabi.

‘What strikes us about Good Energy is how aligned it is both strategically and culturally with our own business,’ said Esyasoft Holding Chief Executive Officer & Founder Bipin Chandra. ‘Good Energy, like Esyasoft, is driven by a vision to deliver a smart, green and sustainable energy future for all.’

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