In today’s briefing:
- Antin/Opdenergy: Spanish Renewables in Focus
Antin/Opdenergy: Spanish Renewables in Focus
- Antin Infrastructure Partners (ANTIN FP) offers €5.85/share in cash for renewable producer Opdenergy Holdings (OPDE SM) (46% premium). Minimum acceptance is 75%, with irrevocables >71%, just 13.2% of the float is needed.
- Virtually a done deal, at fair price. Nevertheless, an agreement similar to those in MásMóvil and Solarpack takeouts leaves minorities with virtually no capacity to ask for a sweetening.
- Spread is Spread is 3.25%/6.56% (gross/annualised, assuming 20 December). Readacross: Ecoener, Grenergy, Audax, Solaria could all be the object of takeover bids (either from private equity or minority buyouts).
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