Aneo, through its subsidiary Aneo BidCo, has made a recommended cash offer for all outstanding shares of Swedish renewable energy company Arise at SEK45 (€4.08) per share, the company said on Wednesday.
The offer values Arise at approximately SEK1.8 billion (€163.6 million) based on its current outstanding shares. Arise is listed on Nasdaq Stockholm’s Mid Cap segment.
Gunnar Hovland, chief executive of Aneo, said the proposed acquisition would strengthen the Nordic renewable energy sector. “Aneo and Arise are both driving forces in the Nordic energy transition,” he said. “By combining these forces, we create a leading Nordic player in renewable energy.”
Hovland added: “Together, we gain scale, geographic breadth and the expertise to compete with the largest players in the Nordic energy market.”
Aneo BidCo said completion of the offer is conditional on acceptance from shareholders representing more than 90% of Arise’s outstanding shares and on obtaining regulatory approvals.
