The Antin fund has launched a voluntary takeover bid for 100% of the Spanish energy company Opdenergy, as announced this Monday in a note to the National Securities Market Commission (CNMV). The Franco-Luxembourg firm offers 5.85 euros per title, which yields a premium of 46% over last Friday’s price.
The operation is subject to acceptance by at least 75% of the share capital. This is a friendly operation that follows a prior agreement with the founding shareholders and its current CEO, Luis Cid Suárez, who jointly own close to 71% of the company, and who have signed irrevocable commitments to sell all their shares to Antin.
In this way, it only remains to access 3.813% of the capital so that it can jump ahead. Should the deal close successfully, Antin intends to delist Opdenergy.
The offer is conditional on obtaining the relevant authorizations, mainly the approval of Industry since the anti-opas shield of the pandemic is still active. The offering fund specifies that it intends to maintain Opdenergy’s headquarters in Spain.
Antin plans to actively contribute to Opdenergy’s development and sustained growth by providing capital and expertise to support the company’s ambition to become one of the leading global renewable energy platforms. It has 904 MW in operation, 951 MW under construction and pre-construction (as of March 31), with projects developed in Spain, the US, Chile, Italy and Mexico.
The business model is fundamentally based on long-term private power purchase and sale contracts (PPAs) with private entities (as of March 31, 2023, 70% of the production is contracted with long-term PPAs with highly solvent counterparties) and to a lesser extent to the sale of energy to the market.
Opdenergy had debuted on the stock market in 2022, in a dry period in similar operations. At the opening of this Monday, its shares are revalued by 43%, just below the purchase price.
