Afrigather South African electronics producer Ellies has introduced that it has entered into an settlement to accumulate various vitality options supplier, Bundu Energy, for a complete consideration of R202.6 million (~$12 million).
The Boksburg-based Bundu Power, based in 2005, specialises within the distribution and rental of turbines in addition to the distribution and set up of photo voltaic and ancillary merchandise, offering various vitality options for residential, business, industrial, hospitality, agricultural and leisure customers.
Based on an announcement on the Joburg Inventory Change information service (SENS), Ellies is repositioning itself as a sensible infrastructure enterprise, which is able to embody complete options for various vitality, water storage and harvesting, connectivity and sensible house expertise.
The acquisition will subsequently act as the primary constructing block of the brand new technique and broaden the Ellies portfolio of different vitality options whereas offering Bundu Energy with an expanded Southern African distribution community.
Ellies intends to fund the acquisition quantity by means of a mix of fairness and debt payable by the 2025 monetary 12 months.
With nationwide electrical energy supplier Eskom going through seemingly endless challenges, Ellies’ acquisition could be effectively timed as South Africans search various energy sources away from the faltering nationwide grid.
