Global buyout firm KKR & Co has agreed a public takeover of German renewable energy company Encavis, valuing the company at €2.8bn, according to a report by Reuters. Elbe Bidco, an investment vehicle owned by KKR, has offered €17.50 per share.
KKR has already secured a 31% of shares from major shareholders. The firm plans to delist Encavis post-acquisition and expand its energy contributions in Europe.
The report cites a statement by German heating and refrigeration systems manufacturer Viessmann in confirming that it will invest as a shareholder in a KKR-led consortium, after which it will hold a significant minority stake.
Encavis is based in Hamburg and operates 40 onshore wind farms and 190 solar farms across Europe. Through an Italian subsidiary, the company also builds and maintains wind and solar parks.
Encavis was advised by Freshfields Bruckhaus Deringer, CMS, Goldman Sachs and Lazard.
