Inspired Energy PLC (LON:INSE) said it has now completed its acquisition of the outstanding 60% of associate Ignite Energy.
The AIM-quoted energy utilisation firm is taking up the portion of Ignite that it didn’t already own.
It is paying £11mln in an upfront payment, split as £5.5mln of cash and £5.5mln of shares, supported by the group's recent £35mln fundraise.
READ: Inspired Energy seals £35mln equity fundraise
"We are delighted to welcome Ignite to the group as a wholly-owned subsidiary and look forward to accelerating the growth of the group's optimisation services by maximising the cross-selling opportunities it will present,” Mark Dickinson, Inspired's chief executive said in a statement.
“The immediate focus is on fully integrating Ignite into the group, whilst continuing to appraise the other M&A opportunities available to management. Completion of the acquisition combined with our assurance service for customers really sets Inspired Energy apart as a leader in utility cost optimisation and legislative compliance to corporate energy consumers," he added.