Pod Point Group Holdings PLC (LSE:PODP) has agreed to be taken over by French energy giant EDF, which already owns a 53% stake in the EV charging outfit.
EDF will pay shareholders 6.5p per share in cash – a 24% premium to the last closing price before the offer period began in April – for a valuation of £10.6 million for the company.
The deal comes as Pod Point has struggled with cash burn and funding needs amid slower-than-expected EV adoption.
Directors said their subscription model offers long-term potential, but the business lacks the capital to pursue it independently.
Without the acquisition, the company warned it may need to take urgent steps to protect creditors, leaving its future uncertain.
Independent directors are unanimously recommending the offer and have secured irrevocable backing from major shareholders representing 18.3% of the rest of the shares.
Pod Point operates a network with over 9,200 charging bays across the UK, including at Heathrow Airport, Tesco stores, and Center Parcs. This network includes both standard 3.6kW-22kW chargers and a growing number of 43kW-50kW Velocity chargers.