Just Energy Group Inc (fka JENGQ)

[Buckey]

so what what does this news mean?


C:JE Just Energy Announces Proposed Acquisition of its Shares of ecobee Inc.
Stockwatch News <[e-mail]>
Mon 2021-11-01 6:01 PM
Just Energy Announces Proposed Acquisition of its Shares of ecobee Inc.

TORONTO, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (“Just Energy” or the “Company”) (TSXV:JE; OTC:JENGQ), a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions, carbon offsets and renewable energy options to customers, announced today that Generac Holdings Inc. (“Generac”) announced the signing of an agreement to acquire all of the issued and outstanding shares of ecobee Inc. (“ecobee”), including all of the ecobee shares held by Just Energy.

The acquisition of all the shares of ecobee will be effected pursuant to a court approved arrangement under the Canada Business Corporations Act (Canada). Just Energy will be seeking court approval in its proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) to enter into a support agreement with an affiliate of Generac to vote in favour of the acquisition.

The ecobee acquisition by Generac is valued at up to USD $770 million, contingent on the achievement of certain performance targets. At closing, Generac will pay the sellers of the ecobee shares an aggregate of USD $200 million in cash, subject to customary adjustments, along with USD $450 million in Generac common stock. Additionally, upon achievement of certain performance targets between closing and June 30, 2023 the sellers may receive up to an aggregate of USD $120 million in shares of Generac common stock.

At closing, Just Energy anticipates receiving approximately CAD $61 million, comprised of approximately CAD $18 million cash and CAD $43 million of Generac stock. Just Energy can receive up to an additional approximate CAD $10 million in Generac stock over calendar 2022 and 2023, provided that certain performance targets are achieved by ecobee. Generac stock trades on the New York Stock Exchange under the symbol GNRC.

The acquisition of ecobee by Generac is expected to close in the fourth quarter of calendar 2021, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

For further information regarding the acquisition of ecobee by Generac, please see Generac’s press release at http://investors.generac.com/news-releases.

As previously reported, FTI Consulting Canada Inc. (the “Monitor”) is overseeing the proceedings of the Just Energy under the CCAA as the court-appointed Monitor. Further information regarding the CCAA proceedings is available at the Monitor’s website at http://cfcanada.fticonsulting.com/justenergy. Information regarding the CCAA proceedings can also be obtained by calling the Monitor’s hotline at 416-649-8127 or 1-844-669-6340 or by email at [e-mail].

About Just Energy Group Inc.