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Alkane Energy plc

Acquisition of Greenpark Energy Limited

Feb 2012

 

Altium acted as financial adviser to Alkane Energy plc, on its acquisition of Greenpark Energy Limited.

Background      

  • Alkane is a retained Altium client which operates a number of sites producing electricity via the extraction of Coal Mine Methane (“CMM”) from abandoned coal mines and power response (electricity at times of high demand or for grid balancing).
  • In February 2012, Alkane conditionally agreed to acquire the CMM business of Greenpark. Completion will occur following completion of a restructuring to separate the CMM and Coal Bed Methane (“CBM”) assets of Greenpark.
  • For the year to 31 December 2011, Alkane produced revenues of £9.5m and EBITDA of £4.2m. Greenpark’s results for the same period are revenues of £3.4m and EBITDA of £1.9m.

Transaction

  • Greenpark, previously owned by Electra Partners, appointed advisers to run a sale process during 2011.
  • In December 2011, Greenpark announced the sale of its CBM and shale gas assets to Dart Energy Limited for a consideration of up to $46m.
  • In February 2012, Alkane conditionally agreed to acquire the CMM business of Greenpark subject to completion of the restructuring to separate the CMM and CBM assets. In April 2012 the transaction formally completed.

For further information on this transaction please contact Adrian Reed or Andy Clarke.

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