Falck Renewables to be acquired by investment fund

Italian company Falck SpA today announced a deal to sell its entire stake of about 60% in Falck Renewables SpA (BIT:FKR) to the Infrastructure Investments Fund (IIF), an investment vehicle advised by JP Morgan Investment Management.

The buyer will pay EUR 8.81 per share in cash, which represents a premium of 29.2% to the three-month volume weighted average share price. The transaction is expected to close in the first quarter of 2022, subject to relevant regulatory and other approvals. Following completion, IIF will launch a mandatory cash tender offer for Falck Renewables’ remaining shares at the same price and plans to delist the business.

The new ownership is expected to accelerate Falck Renewables’ growth and strengthen its position in the renewable energy sector. The company will continue to be led by its current management team.

“This extraordinary transaction, which is happening at a time of great change in the renewable energy sector, will provide further support, resources, and momentum to our medium to long term growth plans,” said Falck Renewables chief executive Toni Volpe.

Falck Renewables is a renewable energy platform with about 1.3 GW of installed capacity in the UK, Italy, the US, Spain, France, Norway and Sweden, across wind, solar, waste-to-energy and biomass technologies. It is also active in the renewable energy technical advisory and asset management services market.

Falck Renewables has been recently looking into floating wind opportunities with Madrid-based BlueFloat Energy. The two bid alongside Ørsted A/S (CPH:ORSTED) in the ScotWind offshore wind leasing round.

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