An acquisition vehicle backed by private equity, green investors and a Singapore-based fund, has bid £4.1 million in cash for Velocys PLC, the aviation fuel production company.
In addition, the consortium behind Madison Bidco has agreed to stump up around £31.5 million in growth capital post-takeover.
The deal includes a secured bridging loan of £3.5 million from the Carbon Direct Fund to support Velocys until the transaction is completed.
At 8.39 am, the stock was changing hands at the 0.25p offer price (up 5%).