Direct Energie hikes capital to fund acquisition of Quadran

Wind turbines in France. Source: ABO Wind

July 14 (Renewables Now) - French green energy supplier Direct Energie (EPA:DIREN) has successfully completed a EUR-130-million (USD 148m) capital increase to partially fund the acquisition of renewable energy developer Quadran.

Last month, Direct Energie agreed to buy Quadran for a total of EUR 303 million, including net financial debt of around EUR 265 million at December 31, 2016. 

On Monday, the buyer launched a private placement through accelerated bookbuilding, which closed yesterday with 2.6 million shares issued at a subscription price of EUR 49.50 per share, a discount of 6.6% to the volume weighted average price (VWAP) on July 11, 2017.

Historical shareholders Impala, AMS Industries and Luxempart subscribed for an aggregate amount of EUR 30 million, now holding respectively 33.1%, 18.6% and 9.6% of the share capital of Direct Energie.

Direct Energie CEO Xavier Caitucoli has also subscribed for EUR 2 million via its holding company Crescendix. Following the transaction, he will hold 3.6% of Direct Energie's share capital.

The settlement-delivery and the admission of the new shares on Euronext Paris  should complete on July 17.

The transaction was managed by BNP Paribas  which acted as sole lead manager and sole bookrunner of the capital increase. CM-CIC Market Solutions was co-lead manager.

(EUR 1 = USD 1.14)

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Mariyana is a founding member of the Renewables Now team. With nine years of professional experience in renewables she has built strong expertise in the wind industry and French-speaking markets.

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