US private equity company KKR & Co Inc has acquired a 31% stake in Encavis AG just a week after a consortium led by KKR offered EUR 2.8 billion (USD 3.05 billion) to acquire the German wind and solar parks operator.
A regulatory filing published on Wednesday revealed that funds managed by KKR now hold 49.9 million voting rights in Encavis, equivalent to 31% of the company.
Earlier in March, Encavis disclosed that a consortium led by KKR intends to propose EUR 17.50 per share to buy the company. German manufacturer of heating and refrigeration systems, Viessmann GmbH, will also participate as a co-investor in the consortium.
As part of the agreement, several Encavis shareholders, led by Abacon Capital, have agreed to sell a combined stake of 31% while also reinvesting in KKR's bidding entity, Elbe BidCo.
