EC okays KKR’s takeover of German renewables firm Encavis

The European Commission (EC) on Monday cleared unconditionally the acquisition by US private equity company KKR & Co Inc (NYSE:KKR) of sole control of German wind and solar parks operator Encavis AG (ETR:ECV).

The regulator has ruled that the proposed acquisition would not raise competition concerns, given the companies' limited combined market position resulting from the proposed transaction, it said in a press statement.

The US buyout firm, along with German heating systems maker Viessmann Group as co-investor, launched a tender offer in March, offering EUR 17.50 per share in cash. The proposed consideration implies a total equity valuation of about EUR 2.83 billion (USD 3.04bn) for Encavis.

In June, the suitor announced that it had secured an 87.41% interest in the target company through its voluntary public takeover offer.

Encavis has a portfolio with a total generation capacity of about 3.5 GW, plus about 1.2 GW under construction.

(EUR 1 = USD 1.075)

Choose your newsletter by Renewables Now. Join for free!