INTERNATIONAL Energy Group (IEG), the parent company of Jersey Gas, is to be acquired by an Australian investment company, if shareholders approve.

IEG, which is chaired by Channel Island businessman Tom Scott and has its headquarters in Guernsey, announced this morning that it had agreed terms and a cash offer from Prime Infrastructure Management Ltd.

The offer of 273p per share is 16.9% higher than yesterday’s closing share price of 233.5p and values IEG’s share capital at about £202 million.

The share price rose 36p today on the announcement.

Mr Scott – who also chairs the CI Traders supermarket, pub and property group – said that Prime had given assurances that existing employment rights, including pension rights, of all IEG employees would be fully safeguarded.

‘We feel this offer is attractive for our shareholders, as it provides certainty and value at a price that is unlikely to be achieved in the market in the near future,’ he said.