Brookfield enters exclusive negotiations to buy majority stake in Neoen

Brookfield (BAM), together with its institutional partners including Brookfield Renewable (BEP) and Temasek, through a special purpose vehicle exclusively controlled by Brookfield, has entered into exclusive negotiations to purchase a 53.32% shareholding in Neoen (NOSPF), a global renewable energy developer headquartered in France, from Impala (IMPUY), the Fonds Strategique de Participations, Cartusia and Xavier Barbaro, and other shareholders at a price per share of 39.85 euros. Following the block acquisition, Brookfield Renewable Holdings would file a mandatory cash tender offer for the remaining shares and OCEANEs in Neoen at a price of 39.85 euros per share and at a price per OCEANEs issued in 2020 and 2022 in line with the offer price for the shares and the terms of each OCEANE. Connor Teskey, CEO, Renewable Power & Transition at Brookfield Asset Management, said: “Under Impala’s sponsorship, Neoen has built one of the world’s greatest renewable energy development platforms. We are excited to build on Brookfield’s expertise, track-record and access to capital to further accelerate Neoen’s growth while preserving its culture and identity. Acquiring Neoen further strengthens Brookfield’s global scale, while diversifying into key renewables markets and adding expertise in battery storage technology. We look forward to partnering with management to scale-up the business to meet the growing demand we are seeing for clean power.”