Good Energy Group has agreed to an acquisition deal from UAE-headquartered firm, Esyasoft Group, valued at £99.4m.

In a joint statement, the firms said the cash consideration represents a 66% premium on Good Energy’s closing share price of 295 pence on 25 October 2024.

The latest offer follows an "unsolicited initial indicative offer" from Esyasoft of 412 pence per share, which Good Energy said was "not a fair reflection of the future growth opportunities of the company".

Esyasoft’s vision is to help one billion people reduce their carbon footprint through its products.

It said the board is "confident" in Good Energy’s potential for medium to long term future growth, with Esyasoft’s offer set to "unlock that potential in the shorter term, whilst providing a premium return for shareholders".

The board at Good Energy has recommended that its shareholders vote in favour of this "good deal", which it said will "ramp up the company’s renewable purpose".

Chief executive officer (CEO) and founder at Esyasoft, Bipin Chandra, said that the deal comes as it noted how "aligned" Good Energy is "both strategically and culturally" with the Dubai-based firm.

He stated: "Good Energy, like Esyasoft, is driven by a vision to deliver a smart, green and sustainable energy future for all. We have a strong track record of supporting businesses involved in critical energy infrastructure and climate technologies, and therefore our portfolio of services is highly complementary to Good Energy's.

"We believe that through our strategic partnership, we can support Good Energy in accelerating delivery of its purpose and growth ambitions by realising the extensive opportunities that exist for this business both in the UK and internationally."

CEO at Good Energy, Nigel Pocklington, concluded: "Good Energy has had the same express purpose to power a cleaner, greener future for 25 years. Today we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially.

"Whilst the board remains confident in Good Energy's strategic delivery as a publicly listed company, Esyasoft's financial resources, in addition to its presence in new markets, present a significant increase in our potential. The offer values the company at a significant premium, offering shareholders a good return for their support for the company."

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