KKR has launched a full takeover bid for European renewables powerhouse GreenVolt, valuing the company at €1.16bn.
💰 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.
📈 Deal terms: KKR has secured agreements to acquire 61% of GreenVolt's share capital from seven shareholders.
📉 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.
🚀 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.