EQT, Norges Bank Launch Joint Bid for Acciona Energia in €11.9B Deal
Consortium Bids and Competitive Landscape
Joint Bid Details
MADRID, Sept 15 (Reuters) - Swedish private equity firm EQT and Norges Bank Investment Management, the manager of Norway's sovereign wealth fund, are launching a joint bid for Acciona Energia, Spanish newspaper Expansion reported on Tuesday, citing market sources.
Competing Bidders
The consortium faces competition for the renewable energy company from French private equity firm Ardian, which is 91.1% owned by Acciona, the group controlled by the Entrecanales family, the newspaper added.
Financial Overview
• Acciona Energia's enterprise value, including debt, is about €11.9 billion ($13.73 billion), according to LSEG data.
Consortium Structure
• EQT is participating through its infrastructure division and holds around 75% of the consortium, while Norges Bank IM would hold the remaining 25%, Expansion reported.
Comments and Responses
• Acciona and Norges declined to comment. EQT did not immediately respond to requests for comment.
Sale Process and Next Steps
Progression of Bids
• The sale process has progressed beyond non-binding bids, with Acciona Energia arranging meetings between the most interested candidates and management before bidders confirm their proposed prices in October, according to the report.
Expected Timeline
• Spanish conglomerate Acciona would then be expected to select a preferred proposal and enter exclusive talks. Any agreement would be expected to lead to a takeover offer aimed at delisting the company, Expansion said.
Ardian's Position and Strategy
Acquisition Assessment
• Ardian is assessing the acquisition through its infrastructure business and has not formed an alliance, although Expansion said the transaction's size would require it to at least seek co-investors.
Advisors and Strategic Options
• Acciona is working with Citi and Goldman Sachs to assess strategic options for the subsidiary, the newspaper reported.
Chairman's Perspective
• Its Chairman Jose Manuel Entrecanales has previously described a sale of the entire subsidiary as "extremely unlikely", outlining other options including a stake sale.
Market Reaction
• Shares in Acciona Energia were up 4.1% at 0927 GMT, while shares of Acciona were 2.9% higher. EQT shares were down 3.6%.
Additional Information
($1 = 0.8669 euros)
(Reporting by Benjamín Mejías Valencia; Additional reporting by Javi West Larrañaga; Editing by Jan Harvey)
