EQT acquires controlling stake in Solarpack, eyes full requisition

• EQT framework has actually announced a takeover bid for Solarpack, which possesses around 450MW of functional solar PV projects.

Sweden-based EQT has signed an unalterable contract with 2 Solarpack investors to purchase their shares worth 51% of the firm. It also suggests to get the complete 100% of the Spain-based designer from the continuing to be investors.

EQT, which created special purpose business Veleta BidCo for the proposal, is offering all shareholders of the business EUR26.50 in cash money per share. This quantity is 45% over the closing rate on 15 June as well as 35% over the volume weighted standard of rate shares of Solarpack during the three months to that day.

The deal is conditional on EQT getting to a minimum approval of 75% plus one share, and the acceptance of Spain's antitrust authorities. If obtained, EQT intends to delist the shares, taking the business private.

Solarpack is an independent power producer (IPP) operating throughout eight countries, yet mostly in Spain, Chile and India. In total amount, it has actually created and also built about 1.3 GW worth of energy projects.