Schroders is acquiring a 75% stake in European renewable infrastructure manager Greencoat Capital for up to (€556m).
Schroders said it will acquire the majority shareholding in Greencoat for an initial consideration of £358m with a plan to pay up to a further £120m in potential earn-out payments.
Established in 2009, Greencoat is a £6.7bn asset manager.
It manages listed renewable infrastructure investment companies Greencoat UK Wind and Greencoat Renewables and has some of the UK’s leading pension funds amongst its private market business.
Schroders said the acquisition is aligned with its ”strategy to build a comprehensive private assets platform and enhance our leadership position in sustainability”.
Greencoat will become part of Schroders Capital, Schroders’ private markets division and be known as Schroders Greencoat.
Peter Harrison, group CEO of Schroders, said: “We have demonstrated our ability to integrate acquisitions successfully, to generate growth and create significant value for our shareholders.
“We are confident that we will be able to leverage the strengths of both firms while preserving Greencoat’s differentiated position in the market.”
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