Wollar Solar to acquire TPC shares

The transaction is valued at $65.7m.

Wollar Solar Holdings, a subsidiary of Beijing Energy International (Australia) Holding, will acquire the shares of Australia-based electricity and gas retailer TPC Consolidated for around $65.7m (A$100m).

In a disclosure, TPC said the parties signed a Scheme Implementation Agreement for its sale of shares to Wollar Solar.

Under the deal, TPC shareholders will receive a cash consideration of $5.76 (A$8.77) per share as initial consideration.

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They will also receive a special dividend and/or return of capital of up to $1.73 (A$2.64) per share.

The shareholders will also have the right to a potential earn out scheme consideration of up to $2.90 (A$4.41) per share.

TPC owns and operates CovaU, an electricity and gas retailer, which offers priced products to households and business customers. TPC aims to expand CovaU’s presence.