French renewable energy producer Albioma SA (EPA:ABIO) has agreed to be acquired by US private equity firm KKR & Co (NYSE:KKR) in an all-cash deal valued at about EUR 1.64 billion (USD 1.72bn).
KKR will be launching a tender offer to acquire all outstanding Albioma shares for EUR 50 apiece, plus a EUR 0.84 dividend to be paid exclusively in cash, a press release said on Thursday.
Shares in the French firm closed 1.75% lower at EUR 43.74 in Paris on Wednesday.
The proposed consideration represents a premium of 51.6% over the energy firm’s closing share price on March 7, the day prior to media speculation about KKR considering a deal, and a 46.6% premium over the three-month volume-weighted average share price.
Albioma’s board unanimously welcomes the deal, as well as one of the company’s shareholders -- Bpifrance, which has been an investor since 2016, the statement said further.
The agreed deal “highlights the group’s successful transformation to serve the energy transition thanks to the continued commitment of our teams, which will be continued and strengthened with the support of KKR,” Albioma’s CEO Frederic Moyne noted in the press release.
Albioma is an independent renewable energy producer that operates in Overseas France, France metropolitan, Mauritius and Brazil. Its portfolio includes 14 power plants and an installed capacity of over 1GW. In 2021, the company secured 29MWp of solar projects and also acquired a second geothermal power plant in Turkey.
The transaction hinges on the successful completion of the tender offer with a minimum acceptance rate of no less than 50.01% and regulatory clearance. KKR will fund the acquisition through its affiliated infrastructure funds.
(EUR 1 = USD 1.051)
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