- Energy consultant Inspired said it had acquired an initial 40% of Ignite Energy for £5.0m. with an option to acquire the remaining stake until 31 July 2021.

The acquisition was expected to accelerate the Inspired's ability to deliver on its stated strategy to grow its market share within the third-party intermediary optimisation services market, the company said.

As well as the intimal £5m payment, Inspired also agreed to pay a further £3.0m if Ignite achieved certain financial performance targets for the year ending 31 December 2019.

The agreement also included an exclusive one-way call option for Inspired to acquire the outstanding 60% stake of Ignite.

'The option consideration shall be based off a minimum EBITDA of £3.0 million, and at the time of exercising the option agreement, an amount of £10.8 million will become payable by Inspired,' the company said.

At 8:02am: [LON:INSE] Inspired Energy PLC share price was +0.25p at 13p

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