Estonia-based Eesti Energia has announced plans to make a voluntary takeover bid for the minority shareholders of Enefit Green, offering a premium price above the current market value of the shares. The move aims to fully integrate Enefit Green into Eesti Energia, transforming it into a more unified energy group that combines both electricity production and sales portfolios.
Eesti Energia will offer Enefit Green shareholders the opportunity to sell their shares at a price of 3.4 euros per share during the voluntary takeover, a 47% premium over the closing price on the Nasdaq Baltic stock exchange on 26 March 2025, and 27% higher than the average trading price over the last three months. The offer price is based on market analysis and the average assessments of financial analysts.
The takeover bid is set to begin on 8 April 2025 and will run until 12 May 2025. If successful, Eesti Energia intends to settle the transaction and pay for the shares by 16 May 2025.
Anne Mere, Chairman of the Supervisory Board of Eesti Energia, emphasized the long-term benefits of the acquisition: “In the long term, to reduce energy prices and ensure energy security, Estonia requires a substantial increase in both dispatchable and renewable electricity generation capacity, as well as storage. Eesti Energia can most effectively contribute to this goal only as a strong and integrated energy company.”
Andrus Durejko, Chairman of the Management Board of Eesti Energia, noted, “Repurchasing Enefit Green’s shares would enable us to create an integrated energy group where the portfolios of electricity sales and production are combined. By merging the production capacities of dispatchable generation and renewables, we can offer more competitive electricity pricing, increase profitability, and restore investment capacity.”
The takeover bid is subject to approval by the Estonian Financial Supervision and Resolution Authority (EFSA), which will review the bid documentation. As a result, there may be changes to the terms and timeline of the bid. Should Eesti Energia acquire at least 90% of Enefit Green’s shares, the remaining shares will be acquired for monetary compensation in accordance with legal provisions.
Eesti Energia will announce the bid details and publish the takeover prospectus for shareholders to review.
