Bridgepoint Group-owned Energy Capital Partners (ECP) alongside a group of institutional co-investors are acquiring Atlantica Sustainable Infrastructure for around $2.6bn (€2.3bn).
NASDAQ-listed Atlantica said it has agreed to a $22 per share take-private cash offer from an ECP-controlled entity, a price representing a premium of 18.9% over Atlantica’s closing share price on 22 April, the last day of trading before acquisition rumours surfaced.
ECP is investing through its fifth equity fund ECP V.
The transaction, which will use a UK court-approved ‘scheme of arrangement’ has received the support of Algonquin Power & Utilities Corp. and Liberty AY Holdings, which hold around 42.2% of Atlantica’s shares.
Atlantica owns a portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission and water assets in North & South America, and certain markets in EMEA.
Michael D Woollcombe, chair of Atlantica’s board of directors, said: “After carefully analysing all reasonably available alternatives with the assistance of external advisers over a prolonged period, our board unanimously concluded that this transaction represents the best value maximising alternative available and that its completion is in the best interest of Atlantica and its shareholders.
“The support of our largest shareholder reinforces that conclusion.”
Santiago Seage, CEO of Atlantica, said: “We expect to continue executing on our growth strategy as a private company with the support of our new partners.
“ECP has a long track record and expertise in the sustainable infrastructure sector and, together with its global co-investors, will enhance Atlantica’s ability to finance and deliver growth while maintaining our focus on safety, sustainability and value creation.”
Andrew Gilbert, a partner at ECP, said: “Atlantica’s employees and management team have a long and impressive track record of maximising value across a complex set of global assets. ECP is excited about the opportunity to partner with the Company and to support and accelerate its growth.”
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