Following last week’s announcement, Legend Corporation has acquired MPower’s product distribution businesses in Bardic and M+H Power Systems.

Finalised on 17 February 2020, MPower has received approximately $5.6 million for the sale which reflects the $4.6 million purchase plus an estimate of cash and surplus net working capital. The final purchase price is subject to a post-completion working capital adjustment.

While Legend expands its value proposition for customers through the addition of an emergency lighting range, off-grid renewable power solutions and an industrial battery offering, MPower can now focus its activities around high-reliability renewable and conventional power projects where it has an established track record.

MPower also advises that it reduced bank debt by $2.5 million at completion of the sale transaction.

“The completion of the sale of MPower’s product distribution businesses comes at an opportune time,” MPower chief executive Nathan Wise says.

“We have a number of new renewable energy, battery storage and high-reliability power system projects we are hopeful of starting work on in the coming months. We will also now be able to spend more time on the origination of debt/equity solutions for Build Own Operate opportunities in our sector.”