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UK's Drax to buy Pinnacle Renewable Energy for $581 million including debt

FILE PHOTO: Sunset over Drax power station in North Yorkshire

(Reuters) - British power producer Drax said on Monday it would buy Canada-based Pinnacle Renewable Energy Inc in a deal with an implied enterprise value of C$741 million ($580.58 million) including debt.

Drax said the C$11.30 per share offer represented a 13% premium to Pinnacle's Feb. 5 closing price, adding that the acquisition has been approved by the board of the Canadian company.

Pinnacle Renewable Energy produces sustainable fuel for renewable electricity generation.

(Reporting by Aby Jose Koilparambil in Bengaluru; editing by Uttaresh.V)