Pinnacle Renewable Energy To Be Acquired By Drax Group
Pinnacle Renewable Energy Inc. has entered into an arrangement agreement with Drax Group and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.
Duncan Davies, Pinnacle’s CEO, says, “Pinnacle’s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to help meet the growing demand for renewable energy products around the world.”
The several minority partnerships Pinnacle has in place with sawmill companies appear to remain under the proposed acquisition.
RELATED ARTICLES
Satellite Pellet Mills Will Count On Sawmill Byproducts
Drax Purchase Alters Biomass Landscape
Latest News
BE&E Purchases Conveying, Fabrication From BID
BID Group and Biomass Engineering & Equipment (BE&E) announced a strategic supply and outsourcing partnership, in which BE&E will acquire the Vibrapro brand and manufacturing operations located in Boise, Id., and the BID Group fabrication plant in Greenville, Ky. BE&E, based in Indianapolis, Ind., is a rapidly growing engineering services and machinery manufacturer specializing in bulk materials handling for multiple industries across the globe…
Acres Partners With Forisk
Acres, a data-driven land research platform that supports fast, informed decision making, is partnering with Forisk Consulting, a leader in analyzing timber markets and wood baskets, to visualize timber data for both companies’ clients. This collaboration between Acres and Forisk will further expand Acres’ capacity to provide and visualize important information on U.S. timberland through its powerful land valuation tool.
Tolko Names New Chief Operating Officer
Brad Thorlakson, President and CEO of Tolko Industries, has announced that Pino Pucci, Vice President of Sales, Marketing and Logistics will assume a newly created interim role as Tolko’s Chief Operating Officer. “This role has been created to support our succession planning process, as Pino will eventually succeed me as President & CEO,” Thorlakson says. “Pino’s proven leadership experience, significant focus on people and…
Find Us On Social
Newsletter
The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.
Subscribe/Renew
Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.