About CURRENT Group
CURRENT Group is a company developing technology aiming make the electric grid more efficient and less prone to breakdowns. In March 2013, CURRENT Group was acquired by Ormazabal. The valuation of CURRENT Group was undisclosed. Other terms of the deal were not released.
Latest CURRENT Group News
Nov 13, 2023
Doubt has been cast on whether GQG will acquire Pacific Current Group (PAC) after it failed to receive the support of the firm’s largest shareholder. GQG has announced a non-binding indicative bid for PAC earlier this year, following another bid from Regal Partners which later withdrew it . “Regal has been consistently disappointed with the engagement by the Pacific Current board since its initial NBIO in March 2023. Based on the banner in which Regal’s reaffirmed NBIO has been received, Regal has little confidence in the process being run,” it said at the end of September. Related News: GQG’s initial bid was for 100 per cent of the issued shares for $11 per PAC share by way of scheme of arrangement which PAC said was the favoured bid over Regal who had bid $10.77 per share. Multi-boutique asset manager PAC has 16 boutique firms globally, including GQG Partners where it holds a 4 per cent stake. However, GQG has since failed to achieve the support of the largest shareholder River Capital. Instead, River Capital has made its own bid for 100 per cent of the issued shares for $10.50 per PAC share by way of scheme of arrangement. In a statement to the ASX, PAC said: “The River Capital proposal notes it will be predominantly funded by the sale of most of PAC’s interest in PAC affiliates to GQG for cash consideration at a premium to their fair market value as published in PAC’s FY23 results. “As a result, River Capital would acquire PAC’s interests in the remaining PAC affiliates not sold to GQG at a discounted price relative to their fair market value.” However, GQG said it was unaware of this suggestion. “Upon inquiry, GQG confirmed it was unaware of the submission of the River Capital proposal but in any event was not prepared to provide funding on the terms proposed. “The independent board committee has been informed by River Capital that discussions between River Capital and GQG have now ceased. “The strategic transaction process remains ongoing and the independent board committee expects to make a further announcement when completed. PAC notes that GQG, River Capital and other parties in the process remain subject to a standstill and non-disclosure agreements.”
CURRENT Group Frequently Asked Questions (FAQ)
When was CURRENT Group founded?
CURRENT Group was founded in 2000.
Where is CURRENT Group's headquarters?
CURRENT Group's headquarters is located at 20420 Century Boulevard, Germantown.
What is CURRENT Group's latest funding round?
CURRENT Group's latest funding round is Acquired.
How much did CURRENT Group raise?
CURRENT Group raised a total of $323M.
Who are the investors of CURRENT Group?
Investors of CURRENT Group include Ormazabal, Liberty Associated Partners, EnerTech Capital, Goldman Sachs, Associated Partners and 12 more.