The European Commission (EC) has unconditionally approved US private equity company KKR & Co Inc’s acquisition of sole control over Encavis AG, a German operator of wind and solar parks.
In a press statement, the regulator concluded that the proposed acquisition would not significantly impact competition due to the companies’ limited combined market position resulting from the transaction.
KKR, together with co-investor Viessmann Group, initiated a tender offer in March offering EUR 17.50 per share in cash, valuing Encavis at approximately EUR 2.83 billion (USD 3.04 billion). By June, KKR had secured an 87.41% interest in Encavis through its public takeover offer.
Encavis manages a portfolio with a total generation capacity of about 3.5 gigawatts (GW), with an additional 1.2 GW under construction. The acquisition marks a strategic move for KKR into the European renewables market, leveraging Encavis’s substantial renewable energy assets.
