Source: ENCAVIS
Encavis AG ("Encavis") has announced the successful fulfillment of all conditions for the voluntary takeover offer by Elbe BidCo AG ("BidCo"), marking a significant step toward accelerating its growth.
The BidCo, a holding company controlled by KKR’s investment funds, alongside co-investor Viessmann, will settle the offer within the next eight banking days. Following the completion, BidCo will hold approximately 87.73% of Encavis shares, with around 87.41% secured through the offer, including 31% from binding agreements with existing shareholders.
The takeover comes after Encavis and BidCo entered a strategic partnership in March 2024, setting the stage for the company’s growth and expansion in the renewable energy sector. The deal aims to provide Encavis with the financial support and expertise needed to expand its project pipeline, increase capacity, and strengthen its position as a leading independent power producer in Europe.
Strategic Partnership to Fuel Growth
Dr. Christoph Husmann, CFO and Spokesman of Encavis, emphasized the importance of this partnership: “With strong investors backing us, we are now poised to accelerate our growth, expand our renewable energy portfolio, and reinforce our market position.”
The BidCo consortium, led by KKR with Viessmann and ABACON CAPITAL as co-investors, plans to provide significant financial backing to help Encavis capitalize on emerging opportunities in the renewable energy sector. Vincent Policard, Partner at KKR, noted that this strategic investment aligns with KKR’s broader mission to promote energy independence in Europe and support the ongoing energy transition.
A Sustainable Future with Viessmann and KKR
Max Viessmann, CEO of Viessmann, highlighted the role of this investment in achieving a sustainable future: “This milestone aligns with our mission to contribute to the global energy transition and co-create living spaces for future generations.”
Tobias Krauss, CEO of Abacon, also expressed enthusiasm for the deal, noting the long-standing relationship between Abacon and Encavis, as well as the importance of clean energy. “Encavis holds great potential, and we are excited to be involved in its future growth alongside our strong partners,” he added.
Next Steps: Delisting and Long-Term Commitment
Following the settlement of the offer, Encavis intends to delist from the stock exchange as soon as possible to benefit from the long-term financial flexibility offered by KKR and Viessmann.
KKR, a global infrastructure leader with over USD 77 billion in assets, has built a strong track record of investments in capital-intensive infrastructure projects, making it well-positioned to support Encavis’ continued expansion in the renewable energy sector.
For more details on the settlement and share transfer, shareholders can visit www.elbe-offer.com.
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