EQT Infrastructure completes tender offer for Solarpack
EQT Infrastructure has finalized its voluntary tender offer for Solarpack, a developer and owner of solar photovoltaic plants. The offer achieved a 96.04 percent acceptance rate, enabling the company's delisting from the stock exchange.
Swedish investment firm EQT Infrastructure has completed its voluntary tender offer for Spanish solar energy company Solarpack. EQT's investment vehicle, Veleta BidCo S.à r.l., announced on Thursday, November 25, 2021, that it has acquired 96.04 percent of Solarpack's shares.
The total acceptance of the offer allows Veleta BidCo to exercise its squeeze-out rights for the remaining shares. This will lead to Solarpack's delisting from the stock exchange, which is expected to occur by the end of December 2021. This acquisition marks EQT Infrastructure V fund's first investment in the European solar PV energy sector.
EQT Infrastructure initially announced its offer on June 16, 2021, proposing EUR 26.50 per share in cash. This included a prior agreement with major shareholders, representing approximately 51 percent of the company, who irrevocably committed to sell their stakes. The Spanish National Securities Market Commission (CNMV) authorized the offer in October.
Asís Echániz, Head of EQT Spain, commented on the significant potential for solar energy driven by the growing global need for sustainable solutions. He highlighted Solarpack as an important milestone for EQT and sees opportunities for both organic and acquisitive growth, with plans to scale up the company's operations and expand into new geographies.