European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Greenvolt-Energias Renovaveis / Event-Driven

<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>
<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)

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52-week Range

Market Cap (USDm)

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KKR/Greenvolt: Low Chances of Bump-Up

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

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