French utility EDF said plans to acquire full ownership of Pod Point, the UK’s largest charge point operator, in a deal valuing the company at £10.6 million. EDF, which already holds a 53% stake, has offered 6.5 pence per share to buy out remaining shareholders.
The proposed acquisition comes after a difficult year for Pod Point, which cited a “difficult market backdrop” and slower-than-expected electric vehicle (EV) adoption as key challenges. The company operates more than 250,000 charge points in the UK and additional networks in Norway and Ireland.
EDF said the deal would offer “long-term stability” to the business. Pod Point has reportedly been “consistently reliant” on EDF for financial support since the French company became majority shareholder in 2020. That initial investment marked EDF’s largest move into the e-mobility sector to date.
The proposed offer represents a steep decline from Pod Point’s 2021 IPO peak of 275 pence per share. The deal remains subject to approval from minority shareholders, including Legal & General Capital and other institutional investors.
Pod Point’s charging infrastructure is primarily made up of destination chargers, including home and workplace units. Its flagship product, the ‘Pod Point’ home charger, is available for £849 or via a £40-per-month subscription. The company also installs chargers for commercial and public developments under its ‘Built Environment’ program.
Source: independent.co.uk