Australia's Zenith Energy gets $100 million offer from buyout firm Pacific Equity Partners
(Reuters) – Zenith Energy Ltd (ZEN.AX) said on Monday that an entity owned by Australia’s No. 1 buyout firm, Pacific Equity Partners, would acquire the power generation company for A$150.9 million ($99.59 million).
The all-cash offer represented a 45.3% premium to Zenith’s closing price on Friday.
Zenith’s board unanimously recommended that shareholders vote in favor of the scheme, the company said in a statement.
Zenith said it entered into a scheme implementation deed with Elemental Infrastructure BidCo Pty Ltd, paving the way for Pacific Equity Partners’ foray into the renewable energy sector.
The company also said it was considering payment of a fully franked special dividend.
It has more than 10 power generation projects, including hybrid ones, related to diesel, gas, hydro and solar modes.
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