Pinnacle Renewable Energy Inc. has announced that it has entered into an arrangement agreement with Drax Group plc and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures. Pinnacle is the second largest producer of industrial wood pellets in the world and the transaction plans to reinforce Drax’s position as the worlds’ leading sustainable biomass generation and supply company.
