Pod Point valued at £10.6m as EDF set to takeover
Struggling Pod Point is to be taken over by France's EDF in a deal that values the company at just £10.6m.
The London-listed chargepoint provider had a market capitalisation of £352m when it began trading on the stock exchange in 2021.
EDF will take full control of the group via the transaction, having previously held a 53 per cent controlling stake.
The value of the offer represents a premium of approximately 24 per cent to Pod Point's closing price on 23 April – the last trading day before the offer period.
Shareholders in the group will be entitled to receive 6.5p in cash per share under the terms of the deal.
Pod Point has endured a torrid time since its IPO amid a slower-than-expected uptake in private electric vehicle (EV) demand and higher interest rates.
Shares tanked in April as it warned annual pre-tax earnings would be significantly worse than expected and said it had uncovered bad debts.
'After much careful deliberation and active engagement with EDF, the board has determined that this offer represents the best value for all Pod Point shareholders, employees and other stakeholders,' Andy Palmer, chair of Pod Point and a former chief executive of Aston Martin, said in a statement.
'As a good strategic fit within the EDF Group, we believe it puts Pod Point on the road to a long-term, sustainable future, to the wider benefit of all its stakeholders.'
Philippe Commaret, managing director of EDF, said: 'EDF has a long-standing commitment to electric vehicles and a strong customer offering with one of the most competitive EV tariffs in the market.
'We aim to strengthen our leading position in EV charging, including through Pod Point. Our offer for Pod Point will allow it to benefit from long-term stability and enhanced operational support providing greater certainty for its customers.'
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