The KKR fund launches a takeover bid for the Portuguese company Greenvolt for 1.2 billion

US asset manager KKR, through Luxembourg-based infrastructure investment firm Gamma Lux, has launched a voluntary takeover bid (OPA) on Portuguese renewable energy group Greenvolt, at a price of 8.30 euros per share, which values ​​the company at almost 1.2 billion euros, as reported by the firm in a statement to the Portuguese Securities Market Commission (CMVM).

Shares in the green energy company jumped to the offering price when trading resumed after being suspended by Portugal’s stock market regulator early on Thursday. KKR already has the support of seven Greenvolt shareholders in the operation who would sell it a stake of almost 61%, making the offer mandatory. In addition, the firm indicated that if the offer reaches 90% or a higher percentage of the company’s capital, it will proceed to delist the company from the Stock Exchange.

The Portuguese group entered the Spanish industrial photovoltaic self-consumption market a year ago with the objective of participating with a 2% share, a goal that is close. In the long term, as La Información highlighted at the time, it is to reach 340 megawatts (MW) of power by the end of the decade. The company has a relevant presence in development in multiple EU countries and the United States, and is also a relevant player in the production of energy from biomass in Portugal and the United Kingdom.

A relaxation that is not new.

Earlier this year, KKR agreed to invest €200 million in convertible bonds issued by Greenvolt to help finance the company’s expansion.

Greenvolt began trading on the Lisbon Stock Exchange in 2021, after spinning off from Portuguese paper pulp producer Altri SGPS. Since then, the company has focused on the expansion of its three main businesses – biomass, wind and solar energy, and distributed generation – throughout Europe and the United States, as highlighted by Bloomberg.