French utility EDF will acquire the outstanding 50% share in EDF Energies Nouvelles after the renewable energy firm accepted an offer of €40 per outstanding share. This represents a premium of 10.4% on the share closing price on 7 April 2011 and a 23.8% premium compared to the daily volume-weighted average over the last six months.
EDF Energies Nouvelles had revenue of over €1.57 billion in 2010. The deal is being financed by cash and the remaining half tendered in a share exchange offer.
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Pâris Mouratoglou, a major shareholder in the company with a holding of 25.09%, will continue as chairman of EDF Energies Nouvelles. David Corchia will also continue to lead the company after the acquisition.
According to EDF Energies Nouvelles, the deal will require state approval.
EDF Energies Nouvelles installed 267.1MWp of solar projects in 2010.
The acquisition was said to allow for greater collaboration on a wide range of renewable energy projects between the companies.