Green Giant Hunt: KKR Targets Encavis In $3B Takeover Play
Green Giant Hunt: KKR Targets Encavis In $3B Takeover Play
KKR & Co (NYSE:KKR) plans to launch a voluntary public takeover offer to all shareholders of Encavis AG (OTC:ENCVF) for an equity value of around €2.8 billion.
KKR＆Co（纽约证券交易所代码：KKR）计划向Encavis AG（场外交易代码：ENCVF）的所有股东提出自愿公开收购要约，股权价值约为28亿欧元。
Elbe Bidco, an investment vehicle owned by KKR, plans to offer a cash consideration of €17.50 per Encavis share.
KKR旗下的投资机构易北河比德科计划提供每股Encavis17.50欧元的现金对价。
This represents an attractive premium of 54% to the undisturbed closing share price and 33% to the undisturbed three-month volume-weighted average share price as of March 5, 2024.
这意味着截至2024年3月5日，与未受干扰的收盘股价相比上涨了54％，比未受干扰的三个月成交量加权平均股价高出33％。
Abacon Capital and other existing shareholders have signed binding agreements to sell around 31%, partly roll over Encavis shares to Bidco, and fully support the offer.
Abacon Capital和其他现有股东已经签署了具有约束力的协议，将出售约31％的股份，将部分Encavis的股份展期给Bidco，并完全支持该提议。
Also, family company Viessmann will invest as a co-investor in the consortium led by KKR. The offer, subject to various Offer conditions, is projected to close in the fourth of 2024.
此外，家族企业维斯曼将作为共同投资者投资由KKR领导的财团。该优惠受各种优惠条件的约束，预计将于2024年第四年结束。
Vincent Policard, KKR's Partner and Co-Head of European Infrastructure stated, "Unlocking the full potential of renewable energy requires expertise as well as substantial long-term capital. We are pleased that KKR's strategic investment will provide Erik with the necessary long-term financial resources at a pivotal time for the Company and position it to seize emerging opportunities and solidify its strength in the clean energy landscape Furthermore, it also contributes to fostering a more energy-independent Europe."
KKR合伙人兼欧洲基础设施联席主管文森特·波利卡德表示：“释放可再生能源的全部潜力需要专业知识和大量的长期资本。我们很高兴KKR的战略投资将在公司的关键时刻为Erik提供必要的长期财务资源，使其能够抓住新兴机会，巩固其在清洁能源领域的实力。此外，它还有助于促进一个更加能源独立的欧洲。”
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Bidco aims to boost growth in all segments of the Encavis and targets to reach 7 GW of installed capacity by year-end 2027, which is above the current target of 5.8 GW, with continued growth thereafter.
Bidco的目标是促进Encavis所有细分市场的增长，目标是到2027年底达到7吉瓦的装机容量，高于目前的5.8吉瓦的目标，此后将继续增长。
The deal is also subject to a minimum acceptance threshold of 54.285% at the expiry of the acceptance period, which ensures that Bidco will retain at least 50% of the shares at closing in case holders of the hybrid convertible bond decide to exercise their conversion rights during the transaction.
在接受期到期时，该交易还必须遵守54.285％的最低接受门槛，这确保了混合可转换债券的持有人决定在交易期间行使转换权的情况下，Bidco将在收盘时保留至少50％的股份。
As of FY23-end, KKR's cash and investments stood at $29 billion.
截至23财年末，KKR的现金和投资为290亿美元。
Price Action: KKR shares are trading lower by 0.83% at $97.14 on the last check Thursday.
价格走势：在周四的最后一次支票中，KKR股价下跌0.83％，至97.14美元。
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照片来自 Shutterstock