The aggregate maximum consideration for the acquisition is £2,435,157, of which a maximum of £750,000 is contingent. In addition, Kier Limited procured the repayment of £486,686 owed by Beco to Finance South West. The consideration is to be satisfied in cash.
Beco designs and installs renewable energy sources, principally using photovoltaic (PV) technology to produce CO2-free energy. One of the first organisations to become a government-approved installer of PV cells, Beco assists households, businesses and communities to reduce emissions, to become more self-sufficient in relation to their energy requirements and to limit the impact of rising electricity costs.
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Beco will become the delivery arm of Kier Group's newly formed business unit, Kier Energy Innovations (KEI) and will strategically position Kier to respond to the government's drive to substantially reduce CO2 in the next decade and beyond. Beco Managing Director Nigel Brunton-Reed joins the board of KEI.
Kier Group Chief Executive, Paul Sheffield, said: "We are delighted to complete this acquisition which gives us the capability to design and deliver PV installations across our wide network of businesses across the country. It will accelerate our access to a growing opportunity and enable us to respond to the needs of our customers to provide energy saving solutions to their commercial and domestic premises."
(CD/GK)
