JP Morgan-advised vehicle nears closing of Falck Renewables acquisition
Falck Renewables’ Brattmyrliden wind farm in Sweden. Image by Falck Renewables (www.falckrenewables.com)
February 15 (Renewables Now) - The acquisition by JP Morgan-advised vehicle Infrastructure Investments Fund (IIF) of a 60% stake in Italian renewable energy company Falck Renewables SpA (BIT:FKR) is now wholly unconditional.
IIF expects to close the transaction on February 24, according to an announcement on Monday.
The fund will acquire the controlling stake from Italian firm Falck SpA for EUR 8.81 (USD 9.97) per share in cash, leaving the seller with no further shares in Falck Renewables. The transaction will be executed by IIF-owned Green Bidco Srl, which then plans to launch a mandatory cash tender offer for the rest of the shares at the same price. The ultimate goal is to delist Falck Renewables.
Green Bidco will also launch, on or around the closing of the transaction, a voluntary cash tender offer for a EUR-200-million convertible green bond due 2025.
At present, Falck Renewables has about 1,370 MW of installed wind, solar, waste-to-energy and biomass power capacity in the UK, Italy, the US, Spain, France, Norway and Sweden.