Just Energy announces the proposed acquisition of its shares of ecobee Inc.

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TORONTO, Nov. 01, 2021 (GLOBE NEWSWIRE) – Just Energy Group Inc. (” Just energy “or the” Society “) (TSXV: JE; OTC: JENGQ), a retail energy supplier specializing in electricity and natural gas products and offering energy efficient solutions, carbon offsets and renewable energy options to customers, today announced that Generac Holdings Inc. (” Generac “) announced the signing of an agreement to acquire all of the issued and outstanding shares of ecobee Inc. (” ecobee ”), Including all ecobee shares held by Just Energy.

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The acquisition of all ecobee shares will be effected in accordance with an arrangement approved by the court under the Canada Business Corporations Act (Canada). Just Energy will seek court approval as part of its proceedings under the Companies’ Creditors Arrangement Act (Canada) (” LACC ”) To enter into a support agreement with a subsidiary of Generac to vote in favor of the acquisition.

Generac’s acquisition of ecobee is valued at up to US $ 770 million, subject to certain performance targets being met. On closing, Generac will pay the sellers of ecobee shares a total of US $ 200 million in cash, subject to customary adjustments, as well as US $ 450 million in common shares of Generac. In addition, if certain performance targets are met between closing and June 30, 2023, sellers may receive up to US $ 120 million in common shares of Generac.

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At closing, Just Energy expects to receive approximately C $ 61 million, of which approximately $ 18 million in cash and $ 43 million in Generac shares. Just Energy may receive up to approximately C $ 10 million in additional Generac shares over the 2022 and 2023 timeframes, provided certain performance targets are met by ecobee. Generac shares are listed on the New York Stock Exchange under the symbol GNRC.

Generac’s acquisition of ecobee is expected to close in the fourth quarter of calendar year 2021, subject to customary closing conditions, including authorization under the Hart-Scott-Rodino Antitrust Improvement Act.

For more information regarding Generac’s acquisition of ecobee, please see Generac’s press release at http://investors.generac.com/news-releases.

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As previously noted, FTI Consulting Canada Inc. (the ” To watch ”) Oversees Just Energy’s CCAA proceedings as a court appointed monitor. Further information regarding the CCAA proceedings is available on the Monitor’s website at http://cfcanada.fticonsulting.com/justenergy. Information regarding CCAA proceedings may also be obtained by calling the Monitor’s hotline at 416-649-8127 or 1-844-669-6340 or by emailing [email protected].

About Just Energy Group Inc.

Just Energy is a retail energy supplier specializing in electricity and natural gas products, providing customers with energy efficient solutions, carbon offsets and renewable energy options. Currently present in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, Filter Group, Hudson Energy, Interactive Energy Group, Tara Energy and terrapass. Visit https://investors.justenergy.com to learn more.

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FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements, including, without limitation, statements regarding the sale of the company’s ecobee shares and the expected proceeds from the sale of the ecobee shares. These statements are based on current expectations which involve several risks and uncertainties that could cause actual results to differ from those anticipated. These risks include, without limitation, risks relating to: the ability of ecobee or Generac to complete the sale and purchase of ecobee shares; regulatory approval of the acquisition of ecobee by Generac; the approval under CCAA proceedings of Just Energy to sign a support agreement for the sale of ecobee shares held by Just Energy to Generac; the Company’s ability to continue to operate; the outcome of proceedings under the CCAA and similar legislation in the United States; the outcome of any potential litigation regarding the February 2021 extreme weather event in Texas (the ” Meteorological event ”), The final amount received by the Company for funding mechanisms to recover certain costs incurred during the Weather Event, the result of any bill dispute with the Electric Reliability Council of Texas; the company’s discussions with key stakeholders regarding the weather event and CCAA proceedings and the outcome thereof; the impact of the evolution of the COVID-19 pandemic on the Company’s activities, operations and sales; dependence on suppliers; uncertainties relating to the ultimate spread, severity and duration of COVID-19 and the related negative effects on the economies and financial markets of the countries in which the Company operates; the Company’s ability to successfully implement its business continuity plans with respect to the COVID-19 pandemic; the Company’s ability to access sufficient capital to provide liquidity to manage its cash requirements; general economic, business and market conditions; management’s ability to execute its business plan; customer consumption levels of natural gas and electricity; extreme weather conditions; client additions and renewals rate; customer credit risk; customer attrition rate; fluctuations in the prices of natural gas and electricity; interest and exchange rates; actions taken by government authorities, including regulation of energy marketing; tax increases and changes in government regulations and incentive programs; changes in regulatory regimes; the results of litigation and decisions of regulatory authorities; competetion; and dependence on certain suppliers. Additional information on these and other factors that could affect the business or financial results of Just Energy is included in Just Energy’s annual information form and other reports filed with Canadian securities regulators that may be viewed on the SEDAR website at www.sedar.com and on the US Securities and Exchange Commission website at www.sec.gov or through the Just Energy website at ‘address www.investors.justenergy.com.

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Any forward-looking statement made by Just Energy in this press release speaks only as of the date on which it is made. Just Energy assumes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR MORE INFORMATION, PLEASE CONTACT:

Investors
michael cumming
IR Alpha
Telephone: (617) 982-0475
[email protected]

To watch
FTI Consulting Inc.
Telephone: 416-649-8127 or 1-844-669-6340
[email protected]

Media
Boyd erman
Long-term communications
Telephone: 416-523-5885
[email protected]

Source : Just Energy Group Inc.