Global investment group Brookfield intends to acquire French independent power producer (IPP) and renewables and energy storage developer Neoen.
Canada’s Brookfield Asset Management announced yesterday (30 May) that its clean energy arm Brookfield Renewable and Singapore-headquartered investment trust Temasek have entered negotiations with Neoen’s shareholders.
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The takeover bid would begin with an acquisition of a 53.32% shareholding from investors, including investment holding company Impala and Fonds Stratégique de Participations (FSP), an investment vehicle owned by seven French insurance companies.
Neoen’s board unanimously welcomed the proposed transaction when it met on 29 May, with chairman and CEO Xavier Barbaro quoted as saying the company was “thrilled to open a new chapter in Neoen’s history, with the arrival of Brookfield as our majority shareholder.”
“Our board of directors fully welcomes the transaction and sees Brookfield as a partner of choice to preserve the structure and identity of Neoen in the best interests of its employees and its stakeholders,” Barbaro said.
The deal values the French IPP at a total of €6.1 billion (US$6.6 billion), and the tender offer is anticipated to be completed in the first quarter of 2025, pending regulatory approvals that Brookfield said it expected to receive by Q4 of this year.
Read the full version of this story on our sister site, Energy-Storage.news.
