French energy company EDF Energies Nouvelles has completed the acquisition of the 67.2% stake in Futuren.
The acquisition, which was announced in May, has now been completed after a clearance from the German competition authority (Bundeskartellamt). A positive outcome to the applicable employee consultation procedures has also enabled the company to close the deal.
Futuren is an independent wind power producer headquartered in Paris, France. The company primarily operates in Germany, France, Morocco and Italy.
It has over 188MW in projects to date and operating facilities that account for 389MW in gross capacity and 357MW in capacity under management for third parties.
While Fady Khallouf will continue to remain as the chief executive officer of Futuren, some changes have been proposed to be made to the Futuren board.
Futuren's board chairman Michel Meus and directors Fady Khallouf and Jérôme Louvet have resigned from thier designations. They will replaced by new members proposed by EDF Energies Nouvelles.
EDF Energies Nouvelles stated that it will file a public tender offer with the Autorité des Marchés Financiers (AMF) to acquire all of Futuren’s remaining shares and convertible bonds at a price of €1.15 ($1.29) per share and an ex coupon price of €9.37 ($10.51) per convertible bond.
EDF Group, Renewable Energies senior executive vice president Antoine Cahuzac earlier said: “We are delighted that Futuren’s Board of Directors has unanimously decided to support our offer in view of its quality and of its project. The coherence between EDF Energies Nouvelles’ and Futuren’s activities will help to strengthen EDF Group’s major strategic goals in renewable energy.”
Futuren’s CEO Fady Khallouf, when the acquisition was announced, said: “Following its major transformation over the past six years, Futuren has become a major integrated and profitable industrial operator. The offer, made by EDF Energies Nouvelles, a specialist in renewable energies with a long-term vision, fully acknowledges this success while foreseeing the growth momentum already built up.”
Image: EDF Energies Nouvelles acquires majority stake in Futuren. Photo: Courtesy of Drew Broadley/FreeImages.com.