Transaction Details

October 22, 2015
Manchester

Sector

Energy

Deal Type

M&A, ESG

Deal Value

£61.4 million

Deal Team

Adrian Reed, Adam Sivner, Tom Battersby

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

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