ReNu Energy Limited (ASX:RNE) entered into a Share Purchase Agreement to acquire Countrywide Renewable Hydrogen Limited for AUD 11 million on November 10, 2021. ReNu Energy will issue 134.65 million fully paid ordinary shares at AUD 0.0688 per share. At completion, the Countrywide Renewable Hydrogen Founders and the holders of Countrywide Renewable Hydrogen convertible notes who will convert into Countrywide Renewable Hydrogen shares immediately before global completion (CRH Noteholders) will receive the Consideration Shares. On completion of the acquisition, ReNu Energy will appoint two members to the ReNu Energy Board of Directors nominated by Countrywide Renewable Hydrogen. Countrywide Renewable Hydrogen proposes to nominate current Managing Director Geoffrey Drucker as an Executive Director and Countrywide Renewable Hydrogens Non-executive Chair Susan Oliver AM as a Non-executive Director. As on December 17, 2021, agreement by Countrywide Renewable convertible noteholders to sell their shares in Countrywide Renewable to ReNu Energy on conversion of their Countrywide Renewable convertible notes. Independent Experts opinion that the proposed acquisition is fair and reasonable. As of January 11, 2022, agreement signed by the CRH convertible noteholders to sell their shares in CRH to ReNu Energy on conversion of their CRH convertible notes. Each of the three existing CRH shareholders and founders (CRH Founders) entering into an Escrow Deed for the voluntary escrow of: 100% of the ReNu Energy Shares they will receive as consideration for the acquisition of CRH (Consideration Shares) for 12 months from the date of completion of the acquisition; 75% of their Consideration Shares for 18 months from completion; and 50% of their Consideration Shares for 24 months from completion. Each of the CRH Founders entering into employment agreements with ReNu Energy. Transaction is subjected to approval of offer by ReNu Energy's shareholder at the general meeting to be held on February 1, 2022. The transaction is expected to be completed in December 2021. ReNu Energy appointed BDO Corporate Finance Ltd as the Independent Expert to provide advice on fairness opinion and advised that that the proposed transaction is fair and reasonable.