EQT Launches Takeover Bid for Spain's Solarpack
June 16 2021 - 3:25AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish private-equity firm EQT AB said Wednesday
that it has launched a 26.50 euro-a-share ($32.13) bid for Spanish
solar company Solarpack Corp. Tecnologica SA.
The bid represents a 45% premium to Tuesday's closing price of
EUR18.28 and values the developer and owner of solar photovoltaic
plants at around EUR881 million, according to FactSet data.
EQT said it has signed irrevocable agreements with Solarpack
shareholders Beraunberri SL, Landa LLC and Burgest 2007 SL to buy
their combined stake of 50.96%.
The bid is being made by Veleta BidCo Sarl, a special purpose
company indirectly wholly owned by the EQT Infrastructure V fund,
and if the bid is successful, Beraunberri and Burgest 2007 will buy
a 5.2% and 3.0% stake in Veleta BidCo respectively.
The offer is conditional upon reaching a minimum acceptance
level of 75% plus one share, as well as receipt of Spanish
antitrust authorities' approval.
Veleta BidCo intends to seek the delisting of the company's
shares, subject to applicable regulatory approval and corporate
consent and formalities.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
June 16, 2021 03:18 ET (07:18 GMT)
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