EQT Makes Voluntary Takeover bid for Spanish Solar Developer Solarpack

A global investment organization, EQT Infrastructure has announced a voluntary takeover bid for 100 percent of the share capital of Solarpack Corporación Tecnológica, S.A, a Getxo-based developer and owner of solar PV plants, mainly active in Spain, Chile, and India. 

Before the announcement, EQT Infrastructure has signed permanent agreements with the Vendor Shareholders (Beraunberri, S.L., Landa LLC and Burgest 2007, S.L.) to sell their full stake of 50.957 percent in the context of the takeover bid. 

The consideration offered by the Bidder to all the shareholders of the Company is EUR 26.50 in cash per share, which represents a premium of approximately:

• 45.0 percent over the closing price of the shares of the Company on 15 June 2021 (EUR 18.28)
• 35.1 percent over the volume-weighted average price of the shares of the Company during the three months ending on 15 June 2021 (EUR 19.62)
• 16.6 percent over the volume-weighted average price of the shares of the Company during the six months ending on 15 June 2021 (EUR 22.73).

This offer will be conditional upon reaching a minimum acceptance level of 75 percent plus one share (including the shares owned by the Vendor Shareholders), as well as receipt of Spanish antitrust authorities’ approval. The Bidder intends to seek the delisting of the Company’s shares, subject to applicable regulatory approval and corporate consents and formalities.

Solarpack is a geographically diversified solar PV developer and independent power producer. Solarpack has developed approximately 1.3 GWs across eight countries, mainly in Spain, Chile, and India, out of which 450 MWs are owned and operated by the Company. Headquartered in Getxo, Spain, Solarpack employs more than 260 people and has been listed on the Spanish Stock Exchange since 2018. 

Beraunberri, S.L. and Burgest 2007, S.L. have assumed a commitment under which they will invest in the Bidder if the takeover bid is successfully settled. If the takeover bid is accepted by all the shareholders of Solarpack to which it is addressed, Beraunberri, S.L. and Burgest 2007, S.L. would hold, respectively, 5.2 percent and 3.0 percent of the share capital of the Bidder after settlement of the takeover bid and the contribution of the amounts committed.