KKR fund increases tender offer price for Greenvolt

A fund owned by US private equity firm KKR & Co (NYSE:KKR) has slightly increased the price in the tender offer for Portuguese renewable energy company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) at the request of the Portuguese Securities Market Commission (CMVM), the target company announced in a recent filing.

The suitor has agreed to raise its proposed consideration to EUR 8.3107 from EUR 8.30 per Greenvolt share in cash after a notice from the CMVM indicated that the offer price should reflect the conversion ratio of a recent convertible bond issuance. Despite opposing the decision, the investment vehicle complied with the regulator’s request solely to secure registration of the offer by the CMVM.

The tender offer was launched in December by Gamma Lux Holdco Sarl, an affiliate of investment funds advised by KKR.

Earlier this year, KKR’s fund subscribed to EUR 200 million in bonds convertible into Greenvolt shares. The transaction was approved by Greenvolt’s bondholders at the end of May.

Shares in Greenvolt were trading without a significant change at EUR 8.32 as of 1456 CET on Thursday. Its market capitalisation tops EUR 1.35 billion (USD 1.50bn), according to Euronext data.

(EUR 1 = USD 1.112)

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