LONDON (Reuters) – Sanjeev Gupta’s GFG Alliance has struck a deal with tidal power firm Atlantis Resources that marks the British billionaire’ s first step onto the stock market.
In a statement, GFG Alliance, the $10-billion (£7.5 billion)-turnover consortium that runs metals group Liberty House and energy and commodities group SIMEC, said Atlantis had agreed to buy SIMEC Energy’s Uksmouth power station in Wales.
In return, the GFG Alliance’s SIMEC Energy will own a 49.99 percent stake in Atlantis, which will be renamed SIMEC Atlantis Energy Ltd, a new company that will become part of Gupta’s worldwide energy, metals and industrials consortium.
As Atlantis Energy is listed on the London Stock Exchange, the move makes SIMEC Atlantis Energy the first member of the GFG Alliance to be listed on public markets, a move long awaited by investors.
(Reporting by Maytaal Angel; Editing by Mark Potter)