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Pod Point to be taken over by EDF in £10m deal
(Sharecast News) - Pod Point Group Holdings has agreed to be taken over by EDF, it was announced on Thursday, for a fraction of the £350m it was valued at when it floated just four years ago. The British firm, which sells the hardware required to charge electric vehicles, debuted on the London market in 2021.
The initial public offering was priced at 225p per share. But on Thursday it confirmed it had agreed to be taken over by the French state utility - its largest shareholder, with a 53% stake - for 6.5p per share.
The deal values Pod Point at just over £10m.
The company has endured a difficult year. In May it warned on profits and suspending trading after finding £4.4m of bad debts on its books.
Longer term, and it has struggled with a slower-than-expected adoption of EVs and heightened competition.
In the year to 31 December, revenues tumbled 17% to £52.9m, while adjusted losses before interest, tax, depreciation and amortisation rose slumped 35% at £20.7m. Analysts had been expected losses closer to £14m.
EDF said Pod Point had grown rapidly since it was founded, with more than 250,000 charging points in the UK and operations in Spain.
But it had remained cashflow negative throughout, leaving it reliant on grant funding and financial support from EDF.
Earlier this year Pod Point launched a review of its strategic and financing options, but was unable to secure fresh funding. It said there was "no present viable alternative" to the EDF deal as a result.
Chair Andy Palmer said: "After much careful deliberation and active engagement with EDF, the board has determined that this offer represents the best value for all Pod Point shareholders, employees and other stakeholders."
Philippe Commaret, managing director of EDF, said: "EDF has a long-standing commitment to EVs and a strong customer offering.
"We aim to strengthen our leading position in EV charging, including through Pod Point. We look forward to Pod Point being a full member of the wider EDF group."
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