(Bloomberg) -- Canadian asset manager Brookfield Asset Management Ltd. and co-investors moved a step closer to a €6.1 billion ($6.4 billion) takeover of Neoen SA, completing the purchase of about 53% of its shares.
Brookfield and partners acquired the controlling stake in the French renewables developer from shareholders including Impala SAS at €39.85 a share. They confirmed plans to open a tender offer for the rest of the stock at the same price, with a view to taking the firm private.
Investors seeking exposure to the clean-power sector amid growing demand for low-carbon energy are pouring funds into renewables developers, which need large amounts of capital to build solar, wind and battery-storage parks.
KKR & Co. in March offered to buy Germany’s Encavis AG in a €2.8 billion deal, while EQT AB bid 16.4 billion Swedish kronor ($1.5 billion) for wind developer OX2 AB in May. In June, Emirati renewables producer Masdar agreed to buy Terna Energy SA in a €2.4 billion transaction.
©2024 Bloomberg L.P.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.