Good Energy gets takeover approach from UAE-linked firm
Dubai-based Esyasoft, which has ties to Emirati royals, told bosses at Good Energy that it is weighing an offer on Friday.
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A company with links to the United Arab Emirates’ royals has approached UK electricity supplier Good Energy about a potential takeover attempt.
Dubai-based Esyasoft told bosses at Good Energy that it is weighing an offer on Friday, in what the British firm described as an “unsolicited” advance in a Monday announcement.
Esyasoft describes itself as a leader in “smart grid” technology, using artificial intelligence and other data-based tech to modernise the power system.
Previous stock exchange filings indicate it is controlled by the Abu Dhabi International Holding Company (IHC), whose chairman is Sheikh Tahnoun bin Zayed Al Nahyan, the son of the UAE’s founder and part of the Abu Dhabi ruling dynasty.
Good Energy was incorporated under its current name in 2003, and now has about 275,000 customers across the UK.
It is not one of the so-called Big Six major power suppliers, but directors were included in industry-wide talks with Labour’s energy consumers minister Miatta Fahnbulleh at the end of August about how firms can support bill payers.
Good Energy’s board is “evaluating” the potential approach, the firm said on Monday, with “no certainty” that an offer will ultimately be made. Esyasoft now has until November 25 to table a bid.
Shares in the company soared 19% on Monday after the announcement.
The interest comes on the same day that Good Energy said it has agreed to buy Hampshire rooftop solar power firm Empower Energy for £7 million.
The deal marks the fifth acquisition by Good Energy in the last two years, four of which have been solar installation companies.
Nigel Pocklington, chief executive of Good Energy, said business customers are “increasingly recognising that the commercial rationale for installing solar is strong, even before you consider the associated benefits of carbon reduction”.
Esyasoft was approached for comment.