EQT Infrastructure is offering to buy a Spanish renewable energy developer and owner of solar plants for around €881m.
The Swiss manager is planning to take Solarpack Corporación Tecnológica private by offering shareholders €26.50 for each share they hold in the solar power company.
The amount being offered represents a 45% premium to the last closing price of Solarpack shares. In early afternoon trading, Solarpack shares traded 43.05% higher at €26.15, valuing the company at €869.57m.
The acquisition is being made through Veleta BidCo, a company owned by the EQT Infrastructure V fund.
Headquartered in Getxo, Spain, Solarpack is a geographically diversified solar photovoltaic developer and independent power producer. Since its inception in 2005, Solarpack has developed/built approximately 1.3GWs across eight countries, mainly in Spain, Chile and India.
The manager said Beraunberri, Landa and Burgest 2007, who jointly hold 50.9% stake in Solarpack, have agreed to sell their full stake.
The takeover offer will be conditional upon reaching a minimum acceptance level of 75% plus one share as well as receipt of Spanish antitrust authorities’ approval.
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