UAC Energy has offered $0.54 per stapled security to completely acquire Infigen Energy

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UAC Energy seeks to acquire Infigen Energy. (Credit: aymane jdidi from Pixabay)

UAC Energy, which is majority owned by Philippine firm Ayala Corporation, has made A$777m ($532m) off-market takeover bid to Australian renewable energy company Infigen Energy.

Infigen Energy received the offer of A$0.80 ($0.54) per Infigen stapled security from UAC Energy, which is a joint venture of Ayala’s energy platform AC Energy and UPC Renewables Group.

UAC acquired 12.82% stake in Infigen stapled securities

UAC has already acquired 12.82% stake in the Infigen stapled securities, comprising ownership of 9.90% of the Infigen stapled securities and economic interest in a further 2.92% of the Infigen stapled securities through a Total Return Swap (TRS).

In a press statement, Infigen said: “The Offer price is attractive and represents compelling value in the context of the price performance of Infigen stapled securities, with the strong support from Infigen securityholders for UAC’s recent onmarket purchasing of Infigen stapled securities at the Offer price highlighting the attractiveness of the Offer.”

However, the takeover is subject to securing the Foreign Investment Review Board (FIRB) approval as well as conditions relating to a potential change of control provisions in Infigen’s debt financing agreements.

UAC chairman Anton Rohner said that the acquisition of Infigen is consistent with its strategies to invest in attractive opportunities in the renewable energy sector.

Rohner added: “The businesses of Infigen and UPC\AC Renewables Australia are complementary from an investment perspective.

“We have ready access to capital and significant renewable energy expertise that will position us well to support Infigen’s pipeline of projects and focus on much needed renewable energy investment and associated employment in Australia.”

Last year, Ayala’s AC Energy has agreed to acquire a stake in Philippines-based PHINMA Energy (PHEN) from PHINMA.