Energy Assets buys Gazprom's UK meter reading arm

Energy Assets, the provider of gas metering services, has bought Gazprom Global Energy Solutions from Russian gas giant Gazprom.

Energy Assets, the provider of gas metering services, has bought Gazprom Global Energy Solutions from Russian gas giant Gazprom.

The acquisition has an enterprise value of £13.5m, which includes an initial cash consideration of £6.0m, potential cash earn-out payment of £3.0m (payable dependent upon the level of data logger installations carried out by Energy Assets) and existing Gazprom Global Energy Solutions (GGES) debt of £4.5m that is to be refinanced upon acquisition.

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