- Press Releases
October 28 (Renewables Now) - Spanish securities market regulator CNMV on Wednesday said it had approved the move by a fund affiliated with Swedish investment firm EQT AB (STO:EQT) to take over the entire share capital of Spanish solar energy company Solarpack Corporacion Tecnologica SA (BME:SPK).
EQT Infrastructure V fund, through its special purpose vehicle Veleta BidCo Sarl, submitted the voluntary takeover bid this summer, offering to pay EUR 26.50 (USD 30.70) in cash for each Solarpack share and announcing it would seek to delist the Spanish company. The offer values Solarpack at EUR 881.2 million.
CNMV said that the price and terms are in line with Spanish laws.
Solarpack’s shareholders Beraunberri SL, Landa LLC and Burgest 2007 SL, which together hold a stake of about 51%, had entered into irrevocable agreements with EQT’s fund to sell their holdings.
Beraunberri SL and Burgest 2007 SL also committed to invest and take 5.2% and 3% stakes, respectively, in the EQT fund if the takeover bid is accepted by all other current shareholders of Solarpack, it was announced in mid-June.
EQT fund’s offer needs to reach a minimum acceptance level of 75% plus one share for it to be deemed successful.
(EUR 1.0 = USD 1.159)