– KKR offers €2.8bn to acquire Encavis
– Offer price of €17.50 per share is 33% more than the three-month average
– Encavis’ management boards support the offer, intending to recommend it to shareholders
US private equity investor KKR has proposed a €2.8bn ($3bn) offer to acquire German renewable energy producer Encavis. The deal is expected to close in Q4 of 2024, subject to a minimum acceptance threshold of 54.3% of outstanding shares. Encavis’ management board supports the partnership with KKR and Viessmann Group, aiming to leverage their expertise and resources for growth in the clean energy sector.
KKR’s subsidiary has made an investment agreement to initiate a public takeover offer for all outstanding shares of Encavis at €17.50 per share, a 33% premium over the three-month average share price. The transaction will lead to Encavis being delisted from the stock exchange and transitioned to private ownership, providing the company with long-term financial resources and strategic support.
Encavis, with 2.2GW operating capacity across ten European countries, has a portfolio of solar and wind farms, along with long-term power purchase agreements and a project pipeline. The company’s goal is to continue growing as a leading independent power producer in Europe, and the offer from KKR represents an attractive opportunity for shareholders to benefit from the partnership and strategic investments in the energy transition landscape.