KKR & Co Inchas acquired an 87.41% interest in Encavis AG, a German operator of wind and solar parks, following the expiration of its voluntary public takeover offer on June 18.
The bid, valuing Encavis at approximately EUR 2.83 billion (USD 3.02 billion) in equity, garnered acceptance from shareholders holding 53.80% of the company's share capital, according to a press statement released today. This adds to the 30.80% stake KKR had secured earlier in March.
The completion of the offer remains subject to fulfilling certain conditions, after which settlement will proceed.
KKR, in partnership with German heating systems manufacturer Viessmann Group as a co-investor, intends to delist Encavis at the earliest feasible opportunity under legal and practical considerations.
The US private equity firm initiated the tender offer in March at EUR 17.50 per share in cash, offering a 33% premium over Encavis' unaffected three-month volume-weighted average share price prior to discussions with KKR.
Encavis manages a portfolio encompassing approximately 3.5 GW of operational renewable energy capacity, with an additional 1.2 GW currently under construction.
