Just Energy Group Inc. on Feb. 5 announced that it will acquire all of the issued and outstanding shares of EdgePower Inc., an energy monitoring and management company operating out of Aspen, Colo.
The deal is valued at $14 million, according to a news release, to be paid in approximately $7 million in cash and $7 million by the issuance of Just Energy common shares. The transaction would also include a one-time performance-based payout after three years of up to a maximum of $6 million, subject to annual and cumulative performance thresholds.
EdgePower CEO Nate Glasgow and COO Karl Swanson will remain with the business after the acquisition. Expected to close by Feb. 28, the transaction is subject to approval of the Toronto Stock Exchange and the New York Stock Exchange.
EdgePower provides lighting and HVAC controls and enterprise monitoring for hundreds of commercial buildings in North America, according to a news release. Just Energy is a retail energy provider specializing in electricity and natural gas commodities.
