Renew buys directional drilling firm for £50m

Infrastructure maintenance giant Renew has acquired high voltage cabling and directional drilling specialist PBU (UK) Ltd for a total consideration of up to £50m.

The deal further enhances Renew’s delivery capabilities across the electricity transmission and distribution network.

Renew has paid an initial cash consideration of £31.1m with up to an extra £18.9m conditional upon the vendors achieving specific profit targets over a three-year period.

Latest accounts for PBU for the year to September 30 2025 show a turnover of  £17.7m generating a pre-tax profit of £3m.

Paul Scott, Chief Executive Officer of Renew, said: “This acquisition represents an excellent strategic fit for the Group, adding complementary specialist capabilities to our already well-established position in the regulated energy market.

“Our enhanced capabilities leave us strongly positioned to capitalise on the significant growth opportunities presented by the unprecedented levels of investment in the UK’s electricity transmission and distribution networks.

“PBU is a company we already know very well, I am delighted to welcome their highly regarded teams into the Renew family and I look forward to updating the market on their integration into the Group in due course.”

Renew buys directional drilling firm for £50m | Construction Enquirer News