Genex Power gets non-binding takeover offer from Skip, Stonepeak

Australia’s Genex Power Ltd (ASX:GNX) said today it has received a conditional and non-binding acquisition offer from a fund owned by existing shareholder Skip Capital and alternative investor Stonepeak Partners LLC.

The indicative proposal calls for the acquisition of all of Genex’s ordinary shares through a scheme of arrangement at a cash price of AUD 0.230 (USD 0.159/EUR 0.156) apiece. The offer, launched by Skip Essential Infrastructure Fund (SEIF) and Stonepeak, is conditional on the completion of due diligence, internal approvals and the signing of binding agreements.

Genex noted it has “not yet formed a view on the merits” of the offer or any potential further engagement with Skip Capital and Stonepeak, adding that its shareholders are not required to take any action in relation to the proposal.

According to the statement, Skip already owns a 19.99% equity interest in Genex.

Sydney-based Genex is focused on the development of renewable energy generation and storage projects in Australia, with its portfolio comprising AUD 1 billion worth of projects. Among its projects are the Kidston Clean Energy Hub in Queensland, which includes a 50-MW operational solar park and a project for a 250-MW pumped storage hydro facility, the 50-MW Jemalong solar farm in New South Wales and the 50-MW/100-MWh Bouldercombe battery in Queensland.

(AUD 1.0 = USD 0.692/EUR 0.676)

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