Swedish private equity firm EQT AB has finalized its tender offer for OX2 AB, valuing the Stockholm-based renewables developer at SEK 16.35 billion (USD 1.58 billion/EUR 1.44 billion).
The acquisition was made through EQT Infrastructure VI fund's investment vehicle, Otello BidCo AB, which proposed the deal in May 2024 at SEK 60 per share in cash.
By the end of the extended acceptance period on October 7, Otello BidCo had secured over 269 million shares, representing a 98.81% stake in OX2.
Settlement is expected to begin around October 16, and OX2 has applied for delisting from Nasdaq Stockholm, anticipated to complete on October 21.
Founded in 2004, OX2 has a portfolio of approximately 47 GW, encompassing onshore and offshore wind, solar, and energy storage projects. The company operates across 11 European markets and expanded into Australia in 2023.
Following the acquisition, EQT aims to support OX2 in transitioning from a developer to an integrated renewables developer and asset owner, capitalizing on the growing renewables market driven by lower technology costs and increased demand for green electricity.
