EQT, investing through its latest global infrastructure fund, has offered to buy renewable energy platform OX2 for around SEK16.35bn (€1.4bn).
The EQT Infrastructure VI fund is offering shareholders of the Nasdaq Stockholm-listed firm, SEK60 per share, a price that represents a 43.4% premium to OX2’s last closing price of SEK41.8 on the exchange.
EQT said Peas Industries, OX2’s founder and largest shareholder with around 45.56% stake, has agreed to accept the offer which EQT will require over 50% of shareholder acceptances. The independent bid committee of the board of directors of OX2 has unanimously resolved to recommend that shareholders accept the offer, EQT added.
OX2, founded in 2004, has a diverse project portfolio across all major renewable energy technologies comprising onshore and offshore wind, solar and storage. The company is currently present in 11 markets across Europe and expanded its reach to include Australia in 2023.
EQT said it plans to provide additional investment in OX2’s pipeline.
Christoph Balzer, partner at EQT Partners and investment advisor to EQT Infrastructure VI, said: “EQT is impressed by the growth of OX2, which has become one of Europe’s main renewable energy developers under the leadership of its founders and management team. The renewables industry is supported by strong underlying trends and expected to grow substantially over the coming period.
“To unlock OX2’s full potential, we believe it would benefit from a transition to a more long-term, sustainable business model and becoming an integrated renewables developer and asset owner. EQT is well-suited to partner with the company during this next phase, offering the necessary capital and deep industry expertise to accelerate its growth journey.”
Johan Ihrfelt, CEO of Peas Industries, said: “As OX2’s founder and main shareholder, we believe that to take our vision even further, the Company will be well positioned under EQT’s ownership as it looks to undertake the next phase of its development.
“With EQT’s extensive experience and expertise in acquiring and managing businesses, particularly within the renewable energy sector, coupled with a proven track record of navigating capital-intensive transitions, we have full confidence that EQT will serve as the ideal partner to support OX2’s future growth.”
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