ABO Holding to acquire Belgian renewable energy firm Thenergo

Mar 28, 2014 - Belgian renewable energy firm Thenergo (EBR:THEB) said Thursday it will be taken over by Ghent-based environmental services group ABO Holding.

Following the transaction, which was first announced in January this year, Thenergo will change its name to ABO Group.

The renewable energy firm, which incurred a net loss of EUR 2.6 million (USD 3.6m) last year, has long been facing heavy financial problems and had been forced to sell almost all of its activities.

ABO Holding covers a group of companies in Belgium, France and the Netherlands, specialised in research and consultancy in the field of soil investigation, energy, waste, environment, water and geotechnical services.

The acquisition is in line with ABO's growth strategy which focuses on expansion both organically and by means of acquisitions, Frank De Palmenaer, founder and CEO of the group, said.

(EUR 1.0 = USD 1.374)

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