May 9 (SeeNews) - French energy major Total SA (EPA:FP), majority owner of US solar firm SunPower Corp (NASDAQ:SPWR), has agreed to take over Saft Groupe SA (EPA:SAFT), which makes energy storage systems for renewables in addition to other types of batteries.
The board of Saft has approved a takeover bid of EUR 36.50 (USD 41.59) per share that was filed by Total with the French Financial Markets Authority (AMF), according to a press release on Monday. The offer price is a 38.3% premium over Saft’s closing on May 6. The proposal values the battery maker’s equity at about EUR 950 million, or nine times its earnings before interest, tax, depreciation and amortisation (EBITDA) for 2015.
Saft’s offering will complement Total’s own portfolio with electricity storage solutions, which, it says, is an important part of the future growth of the renewable energy industry. "The acquisition of Saft is part of Total’s ambition to accelerate its development in the fields of renewable energy and electricity, initiated in 2011 with the acquisition of SunPower,” said Patrick Pouyanne, chairman and CEO of Total.
The transaction is pending clearance by the AMF and Saft’s stockholders. The target’s supervisory board has committed to recommend the bid to its shareholders.
(EUR 1.0 = USD 1.139)