The Securities Market Commission (CMVM) today suspended trading in Greenvolt shares, following the announcement of a Public Acquisition Offer (OPA) by a fund managed by North American company Kohlberg Kravis Roberts (KKR).
“The Board of Directors of the Securities Market Commission (CMVM), on 21/Dec/2023 at 07:48 (UTC), in accordance with Article 214 and paragraph b) of paragraph 2 of Article 213 of the Securities Code, suspension of trading in shares of Greenvolt Energias Renováveis SA, as a result of a public takeover bid,” according to information available on the entity’s website.
An infrastructure fund managed by North American investment company Kohlberg Kravis Roberts (KKR) today announced an offer to buy Portuguese group Greenvolt – Energias Renováveis .
The Gamma Lux fund, based in Luxembourg, has formally launched “a general and voluntary public offer to acquire all the shares” of Greenvolt, according to a statement to the CMVM.
The launch of this offer became mandatory after the KKR-managed fund signed contracts to buy a total stake of 60.86% in Greenvolt from seven shareholders of the company led by João Manso Neto.
The acquisitions should only be completed from May 31, 2024, after approval by the Portuguese Competition Authority, and colleagues in Romania, Ireland, the United Kingdom and Germany made the same comment.
Gamma Lux’s offer to shareholders on the Lisbon Stock Exchange provides for the purchase of each Greenvolt share for 8.3 euros, 11.5% above the value of the group’s shares at the end of Wednesday’s session.
The KKR-managed fund also highlighted that the offer “represents a premium of 95.3% over the initial admission price of the IPO of shares, on July 15, 2021”.
In January, Greenvolt had announced an agreement with KKR to issue bonds worth 200 million euros, with a term of seven years, which can be converted into company shares.
KKR is a “world-leading investment company offering alternative asset management, as well as capital markets and insurance solutions,” Greenvolt explained at the time. He is also a shareholder in the Chinese technology company ByteDance Ltd., which counts the social network TikTok among its subsidiaries.
Source: DN
