Just Energy Group Closes On Acquisition Of EdgePower Inc.
Just Energy Group Inc. announced that it has closed its previously reported acquisition of EdgePower, Inc., a privately held energy monitoring and management company operating out of Aspen, Colorado.
EdgePower currently provides lighting and HVAC controls, as well as enterprise monitoring, in hundreds of commercial buildings in North America and has strong relationships with its customers.
The aggregate consideration for the acquisition of EdgePower is comprised of (i) $14 million at closing, subject to customary adjustments, paid by Just Energy as to approximately $7 million in cash and $7 million by the issuance of 1,415,285 Just Energy common shares, 606,550 of which are subject to a three-year escrow hold period; and (ii) a one-time performance based payout after three years of up to $6 million, subject to annual and cumulative performance thresholds. All amounts are in U.S. dollars.