By Andrea Hargraves 
KKR Fund agrees to swap with Mediobanca to purchase up to 19.9% of Greenvolt
GVK Omega, the vehicles (SPV) company created by the KKR fund to acquire and delist Greenvolt, has instructed Mediobanca to buy shares in the electricity company for a maximum of 8.3 euros.
David Cabral Santos
GVK Omega – vehicle company (SPV) created by North American Gamma Lux – which in turn is owned by the North American Fund Kohlberg Kravis Roberts (KKR) has entrusted Mediobanca to execute the purchase of up to 19.9% of the electricity company's shares under a swap agreement, the João Manso Neto-led company said on Friday in a statement to the CMVM.
Through the Total Return Exchange, Mediobanca will acquire Greenvolt shares at a price that cannot exceed €8.30, the amount already specified in the initial announcement of the public takeover offer (OPA) and accepted by shareholders holding 60.86% of Greenvolt shares in the company's share capital.
In this case “the economic rights attached to the Greenvolt shares will be in favor of Gamma Lux” and then “Gamma Lux will have the option to settle the ‘swap’ physically – by acquiring the Greenvolt shares acquired by Mediobanca under the ‘swap’ – or in cash.”
The agreement begins on the date of communication with the market, that is, this Friday, and must end no later than July.
Luxembourg-based infrastructure investment fund Gamma Lux, managed by US firm Kohlberg Kravis Roberts (KKR), officially launched a voluntary “overall public offer to acquire all shares” (OPA) of Greenvolt in mid-December.
Meanwhile, seven shareholders agreed with KKR to sell their shares in Greenvolt – a total of 60.86% of the share capital of the João Manso Neto-led company – to receive a total of €703 million, as a result of a consideration of €8.30 per action.
This Thursday, the independent expert at EY set a value of €7.3 as the minimum specific consideration for the OPA. Therefore, the value of €8.3 from the initial announcement of the offer prevailed.