The takeover bid is supported by three shareholders with a combined stake of 50.95%
Swedish fund EQT Infrastructure has offered a takeover bid of €881.2m for Solarpack, a Spain-based developer of utility scale solar photovoltaic power plants.
The offer has been made by Veleta BidCo, a special purpose company that is indirectly fully owned by the EQT Infrastructure V fund.
The Swedish fund is offering to acquire 100% of the solar power developer for €26.5 per share. The offer price represents a premium of nearly 45% of the closing price of €18.28 of the Spanish company on 15 June 2021.
Founded in 2005, Solarpack has developed or built nearly 1.3GW of solar capacity across eight countries. The projects are mainly located in Spain, Chile, and India, out of which, the company owns and operates a capacity of 450MW.
Earlier this year, the company revealed its growth strategy for the coming years, under which it expects to achieve an installed or under-construction capacity of 1.8-2GW by the end of 2023. By the end of 2026, the company is targeting a capacity of 4GW.
The company also disclosed intentions to selectively foray into attractive new emerging markets, particularly in Southeast Asia and Africa.
Supporting Solarpack’s takeover by EQT Infrastructure are Beraunberri, Landa, and Burgest 2007, which jointly have a stake of 50.95% in the company.
The parties have signed agreements with EQT Infrastructure under which they agreed to sell their full stake to the latter in the context of the takeover bid.
EQT Infrastructure’s offer will be subject to reaching a minimum acceptance level of 75% plus one share along with approval from Spanish antitrust authorities.
The Swedish fund plans to pursue the delisting of Solarpack’s shares, subject to receiving the necessary regulatory approval, corporate consents, and completion of formalities.
Solarpack has been listed on the Spanish Stock Exchange since 2018.
Beraunberri and Burgest 2007 have committed to invest in EQT Infrastructure if the takeover bid is settled successfully. If the takeover bid is accepted by all Solarpack’s shareholders, then Beraunberri and Burgest 2007 will respectively get 5.2% and 3% of the share capital of EQT Infrastructure.