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    FKR   IT0003198790

FALCK RENEWABLES S.P.A.

(FKR)
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JP Morgan IIF LP, fund managed by J.P. Morgan Investment Management Limited entered into a sale and purchase agreement to acquire 60% stake in Falck Renewables S.p.A. from Falck SpA for €1.5 billion.

10/20/2021 EDT

JP Morgan IIF LP, fund managed by J.P. Morgan Investment Management Limited entered into a sale and purchase agreement to acquire 60% stake in Falck Renewables S.p.A. (BIT:FKR) from Falck SpA for €1.5 billion on October 19, 2021. Pursuant to the terms of the transaction, J.P. Morgan shall pay €8.81 per share. The price per share will not be subject to any adjustments arising from the possible conversion of Falck Renewables S.p.A.’s convertible bond into Falck Renewables S.p.A., equity. The agreement includes, as customary, specific downward consideration adjustment mechanisms, which will only be triggered in the event of distributions to Falck Renewables S.p.A., shareholders prior to closing. Falck SpA would be selling its entire 60% stake. Upon closing of the transaction, J.P. Morgan will launch a mandatory cash tender offer for Falck Renewables S.p.A.’s remaining share capital at the same Price per Share offered to Falck SpA, with the intention to delist Falck Renewables S.p.A. Subject to closing of the transaction, J.P. Morgan also intends to launch a cash tender offer for Falck Renewables S.p.A.’s convertible bond addressed to qualified investors only, at the same terms and conditions. Closing of the transaction is subject to obtaining relevant regulatory and other approvals and is anticipated to be finalized in the Q1 2022. As per update on February 14, 2022, all conditions for the transaction has been fulfilled and completion is planned on February 24, 2022. Rothschild S.p.A., acted as financial advisor, whereas Cleary, Gottlieb, Steen & Hamilton LLP (Milan) acted as legal advisor to Falck Renewables S.p.A. Vitale&Co. S.P.A., acted as financial advisor, while ADVANT Nctm, Giliberti Triscornia e Associati Studio Legale and Freshfields Bruckhaus Deringer LLP acted as legal advisors to Falck SpA. Evercore Inc. (NYSE:EVR) acted as financial advisor, whereas Clifford Chance Studio Legale Associato acted as legal advisor to J.P. Morgan Investment Management Limited.


© S&P Capital IQ 2021
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Financials
Sales 2022 527 M - -
Net income 2022 47,0 M - -
Net Debt 2022 828 M - -
P/E ratio 2022 56,9x
Yield 2022 0,79%
Capitalization 2 859 M 3 055 M -
EV / Sales 2022 7,00x
EV / Sales 2023 7,19x
Nbr of Employees -
Free-Float 39,6%
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Managers and Directors
Toni Volpe Chief Executive Officer & Director
Paolo Rundeddu Group CFO & Head-Management Services
Enrico Falck Ottaviano Executive Chairman
Elisabetta Caldera Independent Non-Executive Director
Georgina Grenon Independent Non-Executive Director