Renewable

April 20 (Renewables Now) - French utility Engie SA (EPA:ENGI) has agreed to sell its majority stake in Engie Eps SA (EPA:EPS) to Taiwan Cement Corp (TPE:1101), or TCC, for an aggregate consideration of EUR 132 million (USD 159m).

The Taiwanese industrial group will buy Engie’s 60.5% stake in Engie Eps at EUR 17.10 per share, corresponding to an implied enterprise value of EUR 240 million. Subsequently, it plans to launch an all-cash simplified mandatory tender offer for the remaining shares.

The acquisition is pending regulatory approval and is expected to be completed this summer.

Engie Eps is a Paris-registered specialist in the fields of energy storage, microgrids and eMobility, with research, development and production facilities in Italy. Following the takeover, the company will adopt the new brand identity of NHOA.

“It [the transaction] will give us instant access to a world leading supply chain and to the Asian markets, as well as the financial breadth to credibly position as a global leader in the turnkey delivery of energy storage systems and a global enabler of the eMobility revolution,” said Carlalberto Guglielminotti CEO of Engie Eps.

TCC said separately it wants to buy Engie Eps in order to grow its international energy and energy storage footprint and to diversify its product offerings.

(EUR 1.0 = USD 1.204)

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