Spain's securities market regulator, the CNMV, announced on Tuesday its endorsement of the voluntary acquisition bid for Spanish renewable energy giant Opdenergy Holding SA (BME:OPDE) by GCE BidCo, an affiliate of French private equity firm Antin Infrastructure Partners SAS (EPA:ANTIN).
This approval marks the crucial regulatory milestone required for Antin to proceed with its bid to acquire 100% ownership of Opdenergy for a staggering EUR 866 million (USD 935.1m) in cash. Having already obtained consent from the Spanish government for this friendly acquisition, Antin now has the green light to forge ahead.
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The transaction, valued at EUR 5.85 per share, mandates a minimum acceptance threshold of 75%. Notably, Opdenergy's founders and CEO, Luis Cid Suarez, have committed to selling their combined 71% stake in the renewables powerhouse.
In a notable development from October 2023, Spain-based entity Global Portfolio Investments SL, holding approximately 6.09% of Opdenergy shares at the time, expressed interest in Antin's offer, characterizing it as “very attractive.” However, this commitment remains non-binding.
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Should the acceptance level soar to 90% or beyond, Antin stands poised to trigger the squeeze-out mechanism, a move that would culminate in Opdenergy's delisting.
