On Thursday, a subsidiary of the private equity fund KKR, based in the United States, announced a complete takeover attempt for the Portuguese renewable energy company Greenvolt. The organization is valued at 1.16 billion euros, and the subsidiary stated that it has already obtained a majority interest through agreements.
Gamma Lux said that it was offering 8.3 euros for each Greenvolt share. This is 11.5% more than the closing price of 7.45 euros on Wednesday and represents a premium of 32.1% compared to the weighted average price over the previous six months.
On the Euronext Lisbon exchange, Greenvolt shares had a surge of 11%, reaching 8.28 euros, following a temporary pause from trade.
After signing contracts to purchase a total ownership of 60.86 percent of Greenvolt from seven shareholders, the fund stated that the complete takeover bid became obligatory upon completing the transaction.
Additionally, more than 139 million shares constitute Greenvolt’s stock. In Portugal, as well as in fifteen European countries and the United States, the firm is engaged in producing energy and developing projects in wind, solar, and biomass energy.
According to Gamma Lux, the purchase should not be finalized until after the 31st of May since it is subject to clearance by regulatory bodies such as the Portuguese Competition Authority and its counterparts in Romania, Ireland, Britain, and Germany.
Even though Greenvolt’s revenues increased by 46% to 268 million euros, the company’s consolidated net profit for the first nine months of this year was lower than it was for the same period last year by 64.7%, coming in at 5.9 million euros.
To 76.9 million euros, the company’s profits before interest, taxes, depreciation, and amortization (EBITDA) experienced a third-quarter decline.
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