European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Greenvolt-Energias Renovaveis / Event-Driven

<ul>
<li>Core shareholders holding 60.86% accepted KKR's €8.30/share offer, triggering a mandatory tender for minorities. Greenvolt's revised offer price (€8.3107/share) represented a 95.5% IPO premium, but faced critiques for modest value. </li>
<li>By October 25, KKR held 97.64% of Greenvolt’s share capital, surpassing the 90% threshold for a squeeze-out and delisting.</li>
<li>The delisting is expected by late 2024 or early 2025, following squeeze-out completion. Minority shareholders will be compelled to sell, receiving €8.3107/share. Gross spread is 0.8%. Long.
</li>
</ul>


Core shareholders holding 60.86% accepted KKR's €8.30/share offer, triggering a mandatory tender for minorities. Greenvolt's revised offer price (€8.3107/share) represented a 95.5% IPO premium, but faced critiques for modest value. 
By October 25, KKR held 97.64% of Greenvolt’s share capital, surpassing the 90% threshold for a squeeze-out and delisting.
The delisting is expected by late 2024 or early 2025, following squeeze-out completion. Minority shareholders will be compelled to sell, receiving €8.3107/share. Gross spread is 0.8%. Long.



<ul>
<li>KKR is pursuing the acquisition and delisting of the Portuguese renewable energy company <a href="https://www.smartkarma.com/entities/greenvolt-energias-renovaveis" target="_blank" data-smartkarma-citation="entities:40659:1" rel="noopener">Greenvolt-Energias Renovaveis (GVOLT PL)</a> at €8.30/share in cash, an 11.5% premium to CSP, 95.3% premium to IPO price.</li>
<li>The price also represents 30% discount to the highest closing share price, but core shareholders (60.86%) seem happy to sell, which will trigger a mandatory offer.</li>
<li>The offer doesn't seem generous. Although KKR could sweeten the price to encourage minorities to tender, precedents of Solarpack and Opdenergy do not invite much optimism. Long.</li>
</ul>


KKR is pursuing the acquisition and delisting of the Portuguese renewable energy company Greenvolt-Energias Renovaveis (GVOLT PL) at €8.30/share in cash, an 11.5% premium to CSP, 95.3% premium to IPO price.
The price also represents 30% discount to the highest closing share price, but core shareholders (60.86%) seem happy to sell, which will trigger a mandatory offer.
The offer doesn't seem generous. Although KKR could sweeten the price to encourage minorities to tender, precedents of Solarpack and Opdenergy do not invite much optimism. Long.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>At equal price to ACT, Ito-san wins because of certainty/immediacy, but provided his price is above the bottom of the range and adequately compensates 7&amp;i for "additional actionable avenues."</li>
<li>The <a href="https://www.smartkarma.com/entities/amcor-limited" target="_blank" data-smartkarma-citation="entities:674:1" rel="noopener">Amcor Limited (AMC AU)</a>/<a href="https://www.smartkarma.com/entities/berry-global-group-inc" target="_blank" data-smartkarma-citation="entities:9428:1" rel="noopener">Berry Global Group (BERY US)</a> merger looks clean. However, Berry's % of earnings (revs, EBITDA, and profit), are higher than the % under the share split</li>
<li>This Temasek-led development will have a marginal impact on <a href="https://www.smartkarma.com/entities/tuya-inc" target="_blank" data-smartkarma-citation="entities:32158:1" rel="noopener">Tuya Inc (TUYA US)</a>. Creating supply and demand is hard. And Temasek-held/backed vehicles on the SGX are already abundant.</li>
</ul>


At equal price to ACT, Ito-san wins because of certainty/immediacy, but provided his price is above the bottom of the range and adequately compensates 7&amp;i for "additional actionable avenues."
The Amcor Limited (AMC AU)/Berry Global Group (BERY US) merger looks clean. However, Berry's % of earnings (revs, EBITDA, and profit), are higher than the % under the share split
This Temasek-led development will have a marginal impact on Tuya Inc (TUYA US). Creating supply and demand is hard. And Temasek-held/backed vehicles on the SGX are already abundant.


Last Week in Event SPACE: Seven & I, Amcor/Berry, WH Group/Smithfield, Tuya

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life (8750 JP)</a> has the wherewithal, and probably the synergies to make a bump for <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a> work. M3 is clearly not in the driver's seat.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network (600050 CH)</a> is, for all intent and purpose, a pseudo-A to <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a>. Go long Unicom, short United due to Unicom's significantly cheaper valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-expressway-co-h" target="_blank" data-smartkarma-citation="entities:2178:1" rel="noopener">Zhejiang Expressway (576 HK)</a> has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long <a href="https://www.smartkarma.com/entities/zheshang-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:29981:1" rel="noopener">Zheshang Securities (601878 CH)</a>.
</li>
</ul>



Dai Ichi Life (8750 JP) has the wherewithal, and probably the synergies to make a bump for Benefit One (2412 JP) work. M3 is clearly not in the driver's seat.

China United Network (600050 CH) is, for all intent and purpose, a pseudo-A to China Unicom (762 HK). Go long Unicom, short United due to Unicom's significantly cheaper valuation.

Zhejiang Expressway (576 HK) has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long Zheshang Securities (601878 CH).



Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

Portugal

Greenvolt - Energias Renovaveis, S.A. produces electricity from renewable energy sources of forest biomass. The Company provides operational renewable energy platform that develops and operates onshore wind and PV installations, as well as engages energy production from forest and urban wood residues. Greenvolt Energias Renovaveis serves customers worldwide.

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Greenvolt-Energias Renovaveis (GVOLT PL)

KKR/Greenvolt: Squeeze-Out Coming Next

KKR acquires majority stake in Greenvolt, triggering mandatory tender for minorities at €8.3107/share, leading to delisting by late 2024/early 2025.

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KKR/Greenvolt: Low Chances of Bump-Up

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David Blennerhassett

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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KKR/Greenvolt: Squeeze-Out Coming Next

​KKR acquires majority stake in Greenvolt, triggering mandatory tender for minorities at €8.3107/share, leading to delisting by late 2024/early 2025.

Jesus Rodriguez Aguilar

KKR/Greenvolt: Low Chances of Bump-Up

​KKR is pursuing the acquisition and delisting of Greenvolt-Energias Renovaveis at a price that is seen as not generous, but core shareholders are...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Seven & I, Amcor/Berry, WH Group/Smithfield, Tuya

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

KKR acquires majority stake in Greenvolt, triggering mandatory tender for minorities at €8.3107/share, leading to delisting by late 2024/early 2025.

KKR is pursuing the acquisition and delisting of Greenvolt-Energias Renovaveis at a price that is seen as not generous, but core shareholders are...