A fund affiliated with Swedish investment firm EQT AB (STO:EQT) has completed a voluntary tender offer for most of the shares in Spain’s Solarpack Corporacion Tecnologica SA (BME:SPK) and is on its way to execute a squeeze-out and delist the solar company by the end of the year.
The offer extended by EQT Infrastructure V fund, through its special purpose vehicle Veleta BidCo Sarl, reached acceptance level of 96.04%, the Swedish group said on Thursday. The minimum acceptance level required was 75% plus one share.
Veleta BidCo secured the regulatory approval for the transaction in late October.
EQT, through Veleta, announced this summer it would to pay EUR 26.50 (USD 29.86) in cash for every Solarpack share. Prior to the announcement, three of Solarpack’s shareholders, which together held 51%, entered into irrevocable agreements with EQT’s fund to sell their holdings. Two of them committed to take a combined stake of around 8% in Veleta BidCo.
Solarpack's stock rose 0.38% to EUR 26.45 in Madrid on Friday morning.
The settlement of the voluntary tender offer is expected to occur on November 30. Veleta BidCo will then present an offer for the squeeze-out of minority shareholders to acquire 100% in Solarpack and trigger the right to delist the company.
The delisting can be expected by the end of December, EQT said.
“Solarpack, a strong platform with high growth potential, marks an important milestone for us as it is EQT Infrastructure’s first investment in the European solar PV energy sector,” said Asis Echaniz, Head of EQT Spain and Partner within EQT Infrastructure’s Investment Advisory Team.
“Looking ahead, we see great opportunities for organic and acquisitive growth in both existing and new geographies, and EQT Infrastructure looks forward to scaling-up Solarpack with the ambition to deliver a positive -- and green -- impact to the societies the company operates in,” added Echaniz.
Founded in 2005, Solarpack became a vertically integrated solar energy specialist and an independent power producer. The company has developed and built around 1.3 GW of projects across eight countries, and owns and operates 450 MW of attributable solar power capacity.
(EUR 1.0 = USD 1.127)
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