US buyout firm KKR & Co Inc (NYSE:KKR) has launched its board-recommended tender offer for all shares and warrants of French independent renewable energy producer Albioma SA (EPA:ABIO).
KKR’s proposal of EUR 50.00 (USD 52.6m) per share, excluding a cash dividend of EUR 0.84, is a premium of 51.6% over Albioma's undisturbed share price on March 7, prior to the start of market rumours. The offer price for warrants (BSAARs) is EUR 29.10 apiece.
The tender bid was deemed compliant by the Autorite des marches financiers (AMF) on June 21. The completion of the transaction is subject to KKR securing a stake of at least 50.01% in Albioma and is also conditional upon approval by the European Commission.
The buyout firm has said it intends to delist the French company should it obtains an ownership interest of at least 90% through the tender offer.
It has been announced that Albioma’s shareholder since 2016 – Bpifrance – will invest alongside KKR, while others such as Compagnie Financiere Europeenne de Prises de Participation (COFEPP), CDC Croissance and Norges Bank have committed to tender their existing shareholdings.
Albioma owns and operates biomass and solar power plants in both metropolitan and overseas France, Mauritius and Brazil, as well as geothermal energy production facilities in Turkey. Its total installed capacity exceeds 1 GW.
(EUR 1.0 = USD 1.052)
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