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LONDON - Bidco, a subsidiary of Bagnall Energy Limited, announced on Tuesday it has received Swedish regulatory clearance for its planned acquisition of Downing Renewables & Infrastructure Trust plc (DORE).
The Swedish Inspectorate of Strategic Products has granted the necessary approvals related to the Swedish Foreign Direct Investment Condition, satisfying one of the key regulatory requirements for the deal to proceed, according to a company press release.
The acquisition, first announced on June 20, 2025, involves Bidco purchasing the entire issued and to-be-issued ordinary share capital of DORE that Bagnall Group does not already own. The transaction is being implemented through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Despite this regulatory milestone, the acquisition remains subject to several other conditions, including additional regulatory clearances, court sanction at the Court Sanction Hearing, and delivery of the Court Order to the Registrar of Companies.
The timetable for the acquisition continues as planned, with the Court Meeting and General Meeting scheduled for August 1, 2025. DORE shareholders must submit proxy forms by July 30, 2025.
If all conditions are met, the scheme is expected to become effective during the second half of 2025, with the long stop date set for November 30, 2025.
The acquisition was initially announced as a recommended cash offer, with a scheme circular distributed to DORE shareholders on July 10, 2025.
Both companies stated they will continue to provide updates on the progress toward satisfying the remaining conditions required for the transaction’s completion.
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