AURELIUS Equity Opportunities SE & Co. KGaA (XTRA:AR4) entered into an agreement to acquire SSE Contracting Limited and Utility Solutions Limited from SSE plc (LSE:SSE) for an enterprise value of £27.5 million for April 1, 2021. An upfront consideration of £17.5 million, which will be adjusted for working capital, separation costs and debt like items, A £5 million loan note to be issued by Aurelius on completion which will be repayable in 2026, unless prepaid earlier, with a fixed PIK interest rate of 6% payable; and Up to £5 million in an earn out based upon Financial Year 2021/22 EBITDA performance. Completion is subject to a number of Condition Precedents which include Irish Competition and Consumer Protection Commission filing and clearance. The transaction agreement has a long-stop date of July 31, 2021 for satisfaction of the conditions precedent with completion to follow thereafter. PwC Corporate Finance LLP acted as financial advisor to SSE plc. Christopher Wilson of DLA Piper acted as legal advisor to Aurelius Investments Limited.

AURELIUS Equity Opportunities SE & Co. KGaA (XTRA:AR4) completed the acquisition of SSE Contracting Limited from SSE plc (LSE:SSE) on June 30, 2021. Paul Trickett and Dan Renton of Deloitte UK acted as accountants to AURELIUS Equity Opportunities SE & Co. KGaA.