Business
Camco to acquire ESD
Camco to acquire ESD.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n Camco International Ltd\n02 April 2007\n\n\n2 April 2007\n\n\n Camco International Limited ('Camco')\n\n Creating a World Leader in Climate Change\n\n\nCamco today announces that it is in advanced discussions to acquire all of the\noperating subsidiaries of Energy for Sustainable Development ('ESD'), one of the\nworld's leading sustainable energy and carbon management businesses with 120\nprofessionals operating in 8 offices across the UK, Eastern Europe, China and\nAfrica.\n\nCamco believes that the combination of ESD and Camco will create a world leading\nfully integrated climate change business with over 180 staff operating in 14\noffices across 7 countries.\n\nCamco and ESD have concluded negotiations for the acquisition of ESD Ltd (the\nadvisory and consulting business) and ESD Ventures Ltd (the new business\nventures and project development arm of ESD) which would involve an initial\npayment of £10 million in a mixture of cash and ordinary shares of €0.01 each\n('Shares') issued at 60p per Share. The cash component will not exceed £3.3\nmillion with the balance to be paid in newly issued ordinary shares upon\ncompletion of the deal. Additional consideration up to a maximum of £10 million\nin new Camco Shares may become payable in 2011 if certain profit based\nmilestones related to ESD Ventures are achieved. Camco expects to announce\nformal completion of documentation and closure of the acquisition by the end of\nApril 2007.\n\nTudor Investment Corporation, an existing shareholder of Camco, has subscribed\nfor £5,107,000 represented by 8,511,666 new ordinary shares in Camco at 60p per\nShare to fund the cash component of the acquisition and to provide additional\nworking capital to assist the further expansion of the Group.\n\nESD is a multiple award winning climate change business established in 1989 with\nover 120 employees across the UK, Eastern Europe, Africa and China and was a\nco-founder of Camco's business in carbon management. ESD has advised on over\n1,000 projects for governments, NGOs and corporates and specializes in policy,\nbusiness strategy, market development, local planning, carbon management, low\ncarbon buildings, sustainable energy and technology development. ESD's clients\nand partners include some of the world's leading organisations such as the World\nBank, the UN, Shell, BP, Lafarge and BM...