Green Giant Hunt: KKR Targets Encavis In $3B Takeover Play

Green Giant Hunt: KKR Targets Encavis In $3B Takeover Play

Green Giant Hunt:KKR 在 30 亿美元的收购计划中瞄准恩卡维斯
Benzinga ·  03/14 12:48

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.


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.


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.


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."


Also Read: KKR Bets Big on E-Procurement: Snags mdf commerce In C$255M Cash Deal

另请阅读: KKR在电子采购上大赌注:以2.55亿加元的现金交易抢占中密度纤维板业务

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.


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.


As of FY23-end, KKR's cash and investments stood at $29 billion.


Price Action: KKR shares are trading lower by 0.83% at $97.14 on the last check Thursday.


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