KKR guarantees 78.9% of Greenvolt and launches a mandatory takeover offer to purchase the remaining capital – Al Borsa

The acquisition of shares in Greenvolt by North American fund Kohlberg Kravis Roberts (KKR), with the aim of acquiring a majority stake in the renewable energy company, was successful.

According to the statement issued on Friday with the CMVM, KKR has managed to secure 78.9% of the renewable energy company: 60.86% through the purchase it has already identified with the seven major shareholders of Greenvolt and another 18.04% acquired by the Italian bank Mediobanca. – Obligated to purchase on the market up to 19.9% ​​of the shares of the company led by João Manso Neto (pictured), at a maximum unit price of 8.30 euros, within the scope of the swap agreement.

This swap agreement was signed between GVK Omega – an automobile company created by Gamma Lux (which in turn is owned by KKR) – and Mediobanca (through K-Infra Gamma Aggregator), with the purchased positions allocated by the Italian bank. For KKR and Gamma Lux funds.

Recall that the value of 8.30 euros is the amount offered by the North American Fund in the initial announcement of the voluntary public takeover offer (OPA) for the energy company, which was submitted by its company Gamma Lux on December 21, and which was accepted by the seven aforementioned shareholders who own 60.86% of the company’s capital. .

The process must be completed by May 31. The voluntary takeover offer is now mandatory, so that KKR can acquire the remaining capital.

“The Bidder (…) reports the acquisition of shares held by Actium Capital, Caderno Azul, Livre Flow, Promendo Investmentos, V-Ridium Holding Limited, KWE Partners Ltd and 1 Thing Investments, as sellers, for a global amount of 84,699,101 shares, equivalent to 60.86% of the rights Voting for Greenvolt on the current date, pursuant to the seven share purchase and sale contracts signed on December 21, 2023 with the selling shareholders,” the statement issued on Friday at CMVM said.

Therefore, “as a result of the Offeror's acquisition of the Shares pursuant to the Share Purchase and Sale Contracts and the Offeror granting more than 50% of the voting rights inherent in Greenvolt's shares, the voluntary general takeover offer was converted to the Offeror in a mandatory general takeover offer.”

The amount offered by KKR in this tender offer to buy out the position it does not yet hold in Greenvolt remains at €8.30 per share – with the fund highlighting that it represents a 32.1% premium compared to the average share price of the Manso Neto-led company in the six months prior to the announcement. About the takeover offer made in December.

The price offered also represents a premium of 95.3% compared to the value of €4.25 per share when it was first floated on the stock exchange on July 15, 2021.

This value also exceeds the €7.3 that an independent expert at EY set in early April as the minimum for consideration of an offer.

The statement also said that following this public and mandatory takeover offer, if KKR retains 90% or more of Greenvolt, the renewable energy company's shares will be delisted from the stock exchange.

Greenvolt ended Friday's session adding 0.06% to 8.3050 euros.