South African electronics producer Ellies has introduced that it has entered into an settlement to accumulate alternative energy options supplier, Bundu Power, for a complete consideration of R202.6 million (~$12 million).
The Boksburg-based Bundu Power, based in 2005, specialises within the distribution and rental of mills in addition to the distribution and set up of photo voltaic and ancillary merchandise, offering alternative energy options for residential, business, industrial, hospitality, agricultural and leisure customers.
According to an announcement on the Joburg Stock Exchange information service (SENS), Ellies is repositioning itself as a sensible infrastructure enterprise, which can embody complete options for alternative energy, water storage and harvesting, connectivity and good house expertise.
The acquisition will subsequently act as the primary constructing block of the brand new technique and broaden the Ellies portfolio of alternative energy options whereas offering Bundu Power with an expanded Southern African distribution community.
Ellies intends to fund the acquisition quantity through a mixture of fairness and debt payable by the 2025 monetary yr.
With nationwide electrical energy supplier Eskom going through seemingly endless challenges, Ellies’ acquisition could be properly timed as South Africans search alternative energy sources away from the faltering nationwide grid.
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