AI will power up buyout barons’ green-energy spree
30/05/2024 11:39
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Yawen Chen
LONDON, May 30 (Reuters Breakingviews) - Brookfield
offered $6.6 bln for French solar and wind firm Neoen, after EQT
and KKR struck renewables deals worth $4.6 bln. Buyout barons
have cash to meet the investment requirements of energy-hungry
artificial intelligence, and future rate cuts mean valuations
may have bottomed.
Full view will be published shortly.
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CONTEXT NEWS
Canada's Brookfield Asset Management on May 30 said it had
entered exclusive negotiations to buy just over half of French
renewable-power producer Neoen from its key shareholders,
including the family investment vehicle of entrepreneur Jacques
Veyrat.
The deal, which Brookfield will pursue through its Global
Transition Fund II along with listed subsidiary Brookfield
Renewable, values Neoen’s equity at 6.1 billion euros ($6.6
billion). Singaporean state investor Temasek will also invest.
After buying the 53% controlling stake, the bidders plan to
make a cash offer for the rest of the equity at the same price
of 39.85 euros per share.
Neoen’s shares, which closed at 31.4 euros on May 29, were
suspended as of 1007 GMT on May 30.
(Editing by Liam Proud and Streisand Neto)
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yawen.chen@thomsonreuters.com; Reuters Messaging:
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