Esyasoft eyes UK renewables provider Good Energy: Dubai-based and IHC-backed technology group Esyasoft has made an unsolicited takeover proposal to UK-based renewables supplier Good Energy, according to a disclosure. Good Energy is currently evaluating the offer but has not disclosed specific terms.

What’s next? Esyasoft has until 25 November to confirm its intention to proceed with the offer.

Market reax: Good Energy’s shares soared 22% on the news.

OTHER M&A NEWS-

#1- Bawan and Petronash sign a SPA: Saudi building materials manufacturer Bawan signed a sale and purchase agreement to acquire the UAE’s Petronash Holding, according to a statement. The acquisition is valued at USD 175 mn and will be financed through bank facilities and Bawan’s internal cash reserves.

Background: Bawan signed a binding MoU with Petronash last month to acquire Petronash Holding. The agreement outlined that Bawan would initially purchase 80% of Petronash’s shares for USD 80 mn, with an additional contingent payment of up to USD 60 mn based on the company’s financial performance over the next three years.

ADVISORS- Bawan sought legal, financial, and commercial advice from Khoshaim and Associates, PwC, and Rystad Energy, while Petronash was advised by Freshfields Bruckhaus Deringer and Piper Sandler.

#2- KFH completes the sale of its full stake in Sharjah Islamic Bank: Kuwait Finance House (KFH) finalized selling its 18.2% stake in Sharjah Islamic Bank for AED 1.3 bn, after obtaining Securities and Commodities Authority approval, according to an ADX disclosure (pdf). KFH agreed to sell its 588.3 mn shares at AED 2.2 per share in August.

REFRESHER- Sheikh Sultan bin Mohammed bin Saqr Al Qasimi Foundation bought 226.5 mn shares (7%), Sharjah Social Security Fund got 194.1 mn shares (6%), and the rest of the shares (5.18%) were bought back by the bank as treasury shares.

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