Pod Point is set to be bought by French energy giant EDF after the London-listed electric vehicle charger firm’s losses mounted last year.
EDF, which already owns roughly 53 per cent of Pod Point, will buy the rest of the group for 6.5p per share. That values it at £10.6million and sets the scene for Pod Point to join the exodus from the London stock market.
A host of firms have been bought and de-listed this year with deals agreed for tech star Alphawave, GP surgery owner Assura and environmental consultancy Ricardo just this week.
The takeover of Pod Point ends a torrid time since it listed at 225p in November 2021. The loss-making group said EDF represents ‘the only realistic prospect’ for it to continue as a going concern, having been ‘reliant’ on EDF to execute its strategy since inception.
Pod Point shares fell around a third in January after a slowdown in demand for battery-powered cars dented demand for chargers.
It warned in April that 2025 results would reflect ‘ongoing weakness’ in electric car sales.
Takeover: EDF, which already owns roughly 53% of Pod Point, will buy the rest of the group for 6.5p per share
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .