Good Energy Group PLC (LSE:GOOD) jumped in Monday morning’s deals, as it became London’s latest takeover situation.
The firm, which supplies 100% renewable power to its UK customers, has agreed to be bought in a deal valued at £99.4 million, or 490p per share.
It has already been unanimously recommended by the Good Energy board.
In London, the share rose 21.5% to change hands at 480p each.
The proposed buyer, Esyasoft Group, has the stated aim of creating an ‘end-to-end smart grid business with approximately one billion end-use customers’.
"What strikes us about Good Energy is how aligned it is both strategically and culturally with our own business,” Esyasoft chief executive Bipin Chandra said.
“Good Energy, like Esyasoft, is driven by a vision to deliver a smart, green and sustainable energy future for all.
“We have a strong track record of supporting businesses involved in critical energy infrastructure and climate technologies, and therefore our portfolio of services is highly complementary to Good Energy's.”
Nigel Pocklington, Good Energy chief executive, meanwhile said: “Whilst the board remains confident in Good Energy's strategic delivery as a publicly listed company, Esyasoft's financial resources, in addition to its presence in new markets, present a significant increase in our potential.
“The offer values the company at a significant premium, offering shareholders a good return for their support for the company. The board is recommending the offer - a good deal which will ramp up the Company's renewable purpose."