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Vattenfall to buy Eclipse Energy UK

Swedish power group Vattenfall said on Thursday it had agreed to pay 1,801 British pence per share for Eclipse Energy UK Plc, valuing the company at £51.5 million ($94 million).

Vattenfall said it and Eclipse, which specializes in renewable energy, had reached agreement on the recommended cash offer. “As part of our strategy to reduce emissions, Vattenfall has ambitious plans within the renewable energy sector,” CEO Lars Josefsson said in a statement.

“Vattenfall’s view is that the UK is a suitable target market for its future renewables growth for a variety of reasons including a well-functioning support system, a deregulated and competitive market for electricity and an openness to foreign investment,” he said. (Reuters)