France-based EDF Energies Nouvelles has agreed to acquire a 67.2% stake in onshore wind energy firm Futuren.
Futuren is an independent wind power producer headquartered in Paris, France. The company primarily operates in Germany, France, Morocco and Italy.
The company 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.
The deal is subject to approval by the German regulatory authority, Bundeskartellamt.
Once the approval is secured, EDF Energies Nouvelles will acquire about 61.6% of Futuren’s ordinary shares at a price of €1.15 per share and 96% of its convertible bonds at an ex coupon price of €9.37 per unit.
EDF stated that it will submit a simple public tender offer to the Financial Markets Authority (AMF) for all Futuren’s shares and convertible bonds that it does not already own.
The board of Futuren claimed that the stake acquisition by EDF is in the best interest of the company, its shareholders, bondholders and as well as its employees.
EDF Group's Renewable Energies senior executive vice president Antoine Cahuzac 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 said: “Following the significant transformation implemented 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 to acquire stake in Futuren. Photo: Courtesy of nicholas cosens/FreeImages.com.