Transatlantic M&A tipped to rise as Drax buys Pinnacle Renewable

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By Mike Turner
10 Feb 2021

Drax, the UK power generation company, has agreed a £226m-equivalent transatlantic acquisition that will be funded in part by existing debt facilities, as M&A bankers expect a rise in acquisitions between the UK and North America in 2021.

Drax has agreed to buy Canada’s Pinnacle Renewable Energy, a wood pellet maker, in a deal that values the target at C$385m (£226m) and gives an implied enterprise value including debt of C$741m.

“There is more recognition from sectors that are finding their way through Covid that there are ...

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