By Dominic Chopping
STOCKHOLM--Swedish private-equity firm EQT AB said Wednesday that it has launched a 26.50 euro-a-share ($32.13) bid for Spanish solar company Solarpack Corp. Tecnologica SA.
The bid represents a 45% premium to Tuesday's closing price of EUR18.28 and values the developer and owner of solar photovoltaic plants at around EUR881 million, according to FactSet data.
EQT said it has signed irrevocable agreements with Solarpack shareholders Beraunberri SL, Landa LLC and Burgest 2007 SL to buy their combined stake of 50.96%.
The bid is being made by Veleta BidCo Sarl, a special purpose company indirectly wholly owned by the EQT Infrastructure V fund, and if the bid is successful, Beraunberri and Burgest 2007 will buy a 5.2% and 3.0% stake in Veleta BidCo respectively.
The offer is conditional upon reaching a minimum acceptance level of 75% plus one share, as well as receipt of Spanish antitrust authorities' approval.
Veleta BidCo intends to seek the delisting of the company's shares, subject to applicable regulatory approval and corporate consent and formalities.
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires