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KKR's Strategic Move: Analyzing the GreenVolt Deal at 12X EBITDA and 3.5X Revenue Multiples

KKR has launched a full takeover bid for European renewables powerhouse GreenVolt, valuing the company at €1.16bn.

πŸ’° Valuation: KKR offers 8.3 euros per Greenvolt share, representing an 11.5% premium to the December 20th closing price and a 32.1% premium to the 6-month weighted average.

πŸ“ˆ Deal terms: KKR has secured agreements to acquire 61% of GreenVolt's share capital from seven shareholders.

πŸ“‰ Privatization: KKR intends to delist GreenVolt if it consolidates 90% or more of the capital.

🀝 Strong relationship: KKR's partnership with GreenVolt was solidified in Jan '23 with a €200mn investment in convertible bonds, granting a 1.2% equity stake.

🌍 Growth Plans: This deal fuels GreenVolt's 7.7 GW pipeline of solar and wind projects across Europe, with 2.9 GW reaching the ready-to-build stage by end of 2023.

πŸš€ Business Acceleration: GreenVolt can now progress on its plan to sell more projects at commissioning, instead of RtB, and expand its distributed generation (DG) segment across Europe.
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