India's Adani Green negotiating SB Energy acquisition - report

Indian renewables developer Adani Green Energy Ltd (BOM:541450) is holding advanced discussions with regard to the potential acquisition of sector player SB Energy Holdings Ltd, according to media reports.

Bloomberg said on Sunday, citing two informed sources, that an announcement could be made in the coming weeks. One of its insiders has said that such a deal could value SB Energy Holdings at over USD 650 million (EUR 535m). The other unnamed person has added that it could be an all-stock transaction.

Meanwhile, newspaper Mint quoted two people aware of the development that Adani Green seeks to buy the 80% stake in SB Energy held by SoftBank Corp (TYO:9984). According to that report, the firm’s Indian portfolio includes 7.7 GW of assets.

Last week, Mint reported that Canada Pension Plan Investment Board (CPPIB) had failed to agree USD-525-million purchase of SoftBank’s majority stake in SB Energy.

The remaining 20% interest in the renewable energy firm is held by Bharti Enterprises Ltd.

(USD 1.0 = EUR 0.823)

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