EQT, a Swedish private equity company, has put forward a recommended cash offer to purchase OX2, a fellow Swedish renewable energy developer.
The offer, made through the EQT Infrastructure VI fund by Otello BidCo AB2, is to buy all shares of OX2 at Skr60 ($5.53) each, totaling Skr16.35bn ($1.51bn).
This represents a 43.4% premium on OX2’s closing price on the Nasdaq Stockholm on 10 May 2024.
The founder and principal shareholder of OX2, Peas Industries, with a 45.6% stake, has agreed to the acquisition.
The success of the bid depends on Otello BidCo securing more than 50% of OX2’s shares.
The acceptance period for the offer will start on 25 June 2024 and end by 12 October.
Christoph Balzer of EQT Partners expressed that in order to fully realize OX2’s potential, they believe it would be advantageous to transition to a more sustainable, long-term business model and become an integrated developer and owner of renewable assets.
“EQT is well-suited to partner with the company during this next phase, offering the necessary capital and deep industry expertise to accelerate its growth journey.”
Johan Ihrfelt, CEO of Peas Industries, expressed that as the founder and main shareholder of OX2, they believe that the company will be well positioned for further growth under EQT’s ownership.
He stated that EQT’s extensive experience in acquiring and managing businesses, especially in the renewable energy sector, along with their proven track record in navigating capital-intensive transitions, gives them full confidence that EQT will be the ideal partner to support OX2’s future development.
OX2, established in 2004, has evolved into a renewable energy platform with a diverse project portfolio covering onshore and offshore wind, solar, and energy storage technologies.
Based in Stockholm, the company has solidified its position as a leading European onshore wind developer and has expanded its operations into 11 European markets and Australia by 2023.
Source EQT
