Antin Infrastructure Partners has proposed a voluntary cash tender offer of EUR 866 million
- Antin Infrastructure Partners, a private equity company, has announced a voluntary cash tender offer to acquire and take Spanish renewable energy company Opdenergy Holding SA off the stock market. The total value of the acquisition is EUR 866 million (USD 924.5m).
An affiliate of Antin's Flagship Fund V has proposed to buy Opdenergy shares at EUR 5.85 each. This price represents a 46% premium over the most recent unaffected share price of the target company.
On Monday, Antin described the acquisition as a friendly transaction. They have already secured an agreement with Opdenergy's founding shareholders and current CEO, Luis Cid Suarez. These stakeholders, who together own a 71% interest in Opdenergy, have committed to selling their shares. They also plan to reinvest part of their sales proceeds.
The deal hinges on a minimum 75% acceptance rate and certain regulatory approvals. If acceptances exceed 90%, Antin intends to initiate a squeeze-out procedure.
Opdenergy is a vertically integrated renewable energy developer and producer. As of the end of March 2023, they manage 904 MW of operational solar and wind parks and have 951 MW of projects under construction or in pre-construction. The company operates in Spain, the US, Chile, Italy, and Mexico. Approximately 70% of its output is secured under long-term power purchase agreements (PPAs).
"Opdenergy complements our other platforms and reinforces our commitment to the energy transition in Europe and North America," said Stephane Ifker, Senior Partner at Antin. Antin's funds already hold ownership stakes in German sector player Blue Elephant Energy and are majority investors in US solar-plus-storage platform Origis Energy.
Antin intends to keep Opdenergy’s Spanish headquarters and its current management team. The firm expressed confidence in its ability to overcome Opdenergy's existing capital constraints and accelerate its growth.
