GCA Altium advises Alkane Energy plc on the £80.7m takeover by Balfour Beatty Infrastructure Partners

GCA Altium acted as Rule 3 adviser to Alkane following an unsolicited approach from Balfour Beatty Infrastructure Partners. GCA Altium was retained by Alkane Energy due to its sector expertise and plc takeover experience and has acted for Alkane over a number of years, including on its acquisition of power response assets from Welsh Power in 2014 and the acquisition of Maltby Colliery Limited from Hargreaves Services plc in 2013.

The offer price of 36 pence represented a premium of c.44% to the closing price of 25 pence on 15 September, the last business day prior to the announcement of the offer, and a 59% premium to the average closing price of 22.6 pence for the last six months to the day prior to the announcement. GCA Altium was able to procure 35% irrevocable commitments from key shareholders to accept the offer at this price, and on 14 October BBIP announced it had received valid acceptances of the offer in respect of 78% of the shares and the offer was declared unconditional.

Roger McDowell, Chairman at Alkane Energy, said: “The team at GCA Altium led the line with the highest standards of professionalism, determination and attention to detail, overcoming all the obstacles in a challenging transaction. Together we achieved a great result for shareholders and all other stakeholders.”

ESG Advisory – Dealmaking with Impact

GCA is a trade name for GCA Corporation and its subsidiaries and other affiliates which include:

• GCA Advisors, LLC, a Delaware limited liability company, registered broker-dealer and FINRA (www.finra.org) and SIPC member firm (www.sipc.org). GCA Advisors, LLC provides independent financial advice on matters related to Mergers & Acquisitions, Debt Capital Markets, Recapitalization & Restructuring, Cross Border and Strategic Alliances, Special Committees, Private Funds, Private Placements and Venture Support. Check the background of GCA Advisors, LLC on FINRA’s BrokerCheck (brokercheck.finra.org).
• GCA Altium Limited, a company providing financial advisory services in the UK, Switzerland, Germany, Italy and Israel and incorporated under English law, is authorized and regulated by the Financial Conduct Authority in the United Kingdom and provides independent financial advice on matters related to Mergers & Acquisitions, Debt Capital Markets, IPOs, Recapitalization & Restructuring, Cross Border and Private Placements.
• GCA Corporation, a company incorporated in Japan which provides financial advisory services on matters related to Mergers & Acquisitions, Cross Border, Private Placements & IPOs, Growth Strategy Services, and Post-Merger Integration.
• GCA China Company, Limited, a company incorporated in Shanghai which provides financial advisory services in China on matters related to Mergers & Acquisitions, Cross Border, Mezzanine Financing, Growth Strategy Services, Due Diligence and Post-Merger Integration.
• GCA India Company, Limited, a company incorporated in Mumbai which provides financial advisory services in India on matters related to Mergers & Acquisitions, Cross Border, Mezzanine Financing, Growth Strategy Services, Due Diligence and Post-Merger Integration.
• AMPLIA, a subsidiary of GCA Corporation in Japan, provides Venture Support services in Japan and the US.
• GCA FAS, a subsidiary of GCA Corporation in Japan, provides Due Diligence advisory services and M&A transaction services.
• MCo Corporation, a subsidiary of GCA Corporation in Japan, provides Mezzanine Financing in Japan.