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Swedish fund launches takeover bid for Solarpack

Swedish venture capital fund EQT has launched an offer for the Spanish solar developer at €26.50 per share.

From pv magazine Spain

Veleta BidCo Sàrl, a special purpose company indirectly wholly owned by the Swedish venture capital fund EQT Infrastructure V, has announced a takeover bid for 100% of Solarpack‘s share capital.

Before the announcement was made, Beraunberri, SL, Landa LLC and Burgest 2007, SL, Solarpack’s main shareholders, which jointly own 50.957% of the company, signed an agreement with the bidder by virtue of which they agree to sell their entire stake within the framework of the takeover bid.

EQT offers €26.50 in cash per share, which represents a total price of €881.2 million and represents a premium of approximately 45% over the closing price of the company’s shares on June 15, 2021 (€18.28) and 35.1% of the weighted average price, by volume, of the company’s shares during the three-month period ending June 15, 2021 (€19.62), and 16.6% of the weighted average price, by volume, of the company’s shares during the six-month period ending June 15, 2021 (€22.73).

The offer will be conditional on reaching a minimum acceptance level of 75% plus one share, including the shares owned by the selling shareholders, as well as receiving the approval of the Spanish antitrust authorities. The offeror intends to request the de-listing of the company’s shares, subject to the applicable regulatory approval and corporate procedures.

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The operation, subject to the authorization of the National Markets and Competition Commission (CNMC), has been classified as “attractive” by Bankinter, a Spanish financial services company headquartered in Madrid, although it points out that it is 13% below the market consensus target price, which is €30 per share. However, this price is considerably higher than the one Iberdrola was about to pay for Solarpack in November, when the newspaper El Confidencial announced that there was an agreement between the parties for just over €600 million.

Meanwhile, Solarpack’s stock price has soared 40%.

Solarpack has a global portfolio of 8.1 GW of projects under development. The company ended 2020 with a net profit of €10.4 million, which is 14.4% less than in 2019, when it posted earnings of €11.9 million.

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Source: pv magazine