CyanConnode gains more shareholder backing for Esyasoft acquisition
Additional investors back CyanConnode's £19.5 million bid for Esyasoft, reinforcing support ahead of shareholder vote.
CyanConnode said on Friday it has secured further shareholder support for its proposed £19.5 million acquisition of Esyasoft, a provider of smart metering software.
The additional backing follows the initial announcement of the bid, which was valued at 18 pence per share. CyanConnode, a UK-based company specializing in smart utility solutions, aims to expand its software capabilities through the deal.
Shareholders representing a majority of CyanConnode’s existing shares have now indicated their support for the transaction, the company said. The acquisition remains subject to regulatory approval and a final vote by shareholders.
CyanConnode did not disclose the names of the supporting shareholders or the exact proportion of shares committed to the bid. The company expects to provide further updates on the progress of the acquisition in due course.
The deal underscores CyanConnode’s strategy to strengthen its position in the smart metering and utility management sector, where software integration is increasingly critical.
Lucas covers M&A activity and startup funding rounds, tracking deal structures and valuations to explain what a transaction means for the companies and markets involved.
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