goodwill (Note 10) 158.7 T otal 494.0 Cash consideration paid 482.2 Contingent consideration 11.8 T otal purchase consideration 494.0 Cash consideration paid 482.2 Cash and cash equivalents assumed (47.9) Net cash outflow on acquisition 434.3 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 340 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS (CONTINUED) Acquisitions during the financial year (continued) Subsidiaries acquired by the Group during the financial year ended 31 December 2023 is as follows: (continued) (ii) Dullarbtons and Elipsgeen (continued) The goodwill from the acquisition is provisionally determined at RM158.7 million (EUR31.3 million) and is expected to be finalised by fourth quarter 2024, within 12 months in accordance with MFRS 3 Business Combination. The goodwill consists of potential upsides fromextension of lease terms and grid connection approvals up to 15 years. Acquisitions during the preceding financial year Subsidiary acquired by the Group during the financial year ended 31 December 2022 was as follows: Purchase consideration RM’million Group’s effective interest acquired Effective acquisition date Name of subsidiary Clean Energy and Infrastructure UK Limited Group (‘CEI UK’) 806.0 100.0% 1 April 2022 Vantage RE Ltd., a wholly owned subsidiary of TNBI completed its acquisition of CEI UK for a purchase consideration of GBP145.9 million in cash, through two Share Purchase Agreements (‘SPAs’) with Capital Dynamics Clean Energy and Infrastructure Jersey Limited and CEI WSH Limited (‘the Sellers’) respectively. Refer to Note 49 for the principal activities of these companies. The Group’s profit after tax for the financial year ended 31 December 2022 would have been estimated at RM3,569.0 million if CEI UK had been consolidated from the beginning of the financial year. From the acquisition date up to 31 December 2022, CEI UK contributed a profit after tax of RM9.4 million. NOTES TO THE FINANCIAL STATEMENTS 31