Spanish fashion brand owners buy 5.8% stake in Audax Renovables

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January 13 (Renewables Now) - A fashion business family has bought a 5.8% stake in Spanish renewable energy and gas supplier Audax Renovables SA (BME:ADX), Audax said on Tuesday.

Owners of Spanish children’s fashion company Mayoral paid over EUR 56 million (USD 68.2m), or EUR 2.20 per share, for their slice. The family bought the stake from Electrica Nuriel SLU, a business controlled by Audax president and largest shareholder Jose Elias.

Elias, who is said to be committed to reducing his stake in Audax, now controls around 70% of the company's share capital.

The Mayoral owners carried out the transaction through a subsidiary of the family’s holding company, Audax said in the press release.

The family also accepted Electrica Nuriel’s existing lock-up commitment that has been in place as a result of Audax issuing green convertible bonds for EUR 125 million in November 2020, the company added.

(EUR 1.0 = USD 1.218)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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