Drax purchase gets regulatory nod as lenders expect busy Q2 M&A

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By Mike Turner
07 Apr 2021

Drax, the UK power generation company, has had the final approvals waived through for its £226m-equivalent debt-funded acquisition of Canada’s Pinnacle Renewable Energy, as debt bankers say the M&A pipeline is strong for the second quarter.

Drax agreed to buy wood pellet maker Pinnacle for an implied enterprise value of C$741m (£425m) in February.

The acquisition has approval from both sets of shareholders and regulators.

“All of the conditions to the completion of the acquisition have now been satisfied or waived […] and completion ...

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