Cerberus, Bruc Capital team up in bid for Spain's T-Solar - report

Cerberus Capital Management LP and Bruc Capital have decided to bid together for T-Solar, the solar power subsidiary of Spanish engineering and construction group Isolux Corsan, Spanish daily Expansion reported Thursday.

The US private equity firm and the recently launched, George Soros-backed Spanish fund have already been reported to be interested in T-Solar -- which Isolux put up for sale seven months ago, -- along with strategic buyers, including Finland's Fortum.

With Cerberus interested in T-Solar's Spanish assets and Bruc targeting its international operations, the companies have decided to make a joint offer, said to be worth EUR 130 million (USD 147m), and split the business. T-Solar's debt of EUR 600 million should be added to that sum.

According to earlier reports, at the end of 2015 Spanish renewable energy plants owner Saeta Yield SA offered EUR 120 million plus debt for T-Solar. The bid was rejected by Isolux as it was seeking EUR 170 million.

(EUR 1.0 = USD 1.130)

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