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
Caribou Purchases StumpGeek Software
Caribou Software, a forestry software company that services more than 300 timber companies across North America, has announced its acquisition of the StumpGeek forestry software system to extend its product offering to smaller logging contractors and sawmills. “Over the years, we’ve spoken to many, many logging contractors and…
JoeScan Team Expands
Sawmill scanning company JoeScan, founded in 2002, is once again expanding their team with the addition of two new engineers to their roster. “We’ve seen a tremendous amount of growth in terms of sales,” says JoeScan president Joey Nelson. “So we have some additional demand on our engineers to answer support questions. But we also want to continue to develop new…
JD Irving Orders MiCROTEC CT Log
JD Irving, Ltd., a producer of maple, birch and poplar wood products, headquartered in Saint John, New Brunswick, Can., continues its commitment to sustainability and innovation with the purchase of a MiCROTEC CT Log for installation at its operation in St. Leonard, New Brunswick, Can. MiCROTEC’s CT Log computed tomography scanner will allow…
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.