EQT fund wants to take Spain's Solarpack private for EUR 881m

A fund affiliated with Swedish investment firm EQT AB (STO:EQT) is looking to buy and delist Spanish solar company Solarpack Corporacion Tecnologica SA (BME:SPK) for EUR 881.2 million (USD 1.07bn) in total.

The EQT Infrastructure V fund, through special purpose company Veleta BidCo Sarl, has announced a voluntary takeover bid of EUR 26.50 in cash for each Solarpack share. The offered price is a premium of 45% over Solarpack’s closing share price on June 15 and of 35.1% over its volume-weighted average share price during the three months through mid-June.

Beraunberri SL, Landa LLC and Burgest 2007 SL, which together hold a stake of about 51% in Solarpack, have entered into irrevocable agreements to sell their full shareholding to the bidder. Moreover, Beraunberri SL and Burgest 2007 SL have committed to invest and take 5.2% and 3% stakes, respectively, in the EQT fund if the takeover bid is accepted by all other current shareholders of Solarpack.

The bid has to be launched within a month of the announcement. In order for it to be deemed successful, the offer needs to reach a minimum acceptance level of 75% plus one share and be approved by local antitrust authorities.

Set up in 2005, Solarpack operates as a developer and owner of solar photovoltaic (PV) power plants. Since its inception, the Getxo-based company has built about 1.3 GW of solar parks in eight countries, including Spain, Chile and India. At present, it owns and operates 450 MW of this total capacity and employs over 260 people.

(EUR 1.0 = USD 1.213)

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