EDF Energies Nouvelles announces that it has entered into exclusive negotiations with the group of majority shareholders (which include various funds managed by the investment company Boussard & Gavaudan) of the company FUTUREN (FTRN), listed on compartment B of Euronext Paris , with a view to acquiring all of their holdings.
Specialist in onshore wind power in France, Germany, Morocco and Italy, FUTUREN operates a portfolio of parks with a gross capacity of 389 MW, manages 357 MW of wind farms on behalf of third parties and develops projects representing more than 168 MW of capacity to date.
The planned operation is fully in line with the EDF Group's CAP 2030 strategy, which aims, in particular, to double its share of renewable energy by 2030.
On April 24, a preliminary agreement, which opens a period of exclusive negotiations, was concluded between EDF Energies Nouvelles and the concert of FUTUREN shareholders, collectively holding 61.6% of ordinary shares and 96.0% of convertible bonds (OCEANEs) of FUTUREN. During this period, the EDF Energies Nouvelles works council will be consulted on the planned operation, before a decision by the company's Board of Directors.
Through this operation, EDF Energies Nouvelles would acquire all of the stakes of the concert of shareholders at a price of €1.15 per share (i.e. a premium of 38.6% compared to the closing price of April 24, 2017) and €9.37 by OCEANE detached coupon (i.e. a premium of 39.7% compared to the closing price of April 24, 2017).
FUTUREN is a historic company in onshore wind power in Europe. It focuses on development and operation activities for its own account and on behalf of third parties. Its portfolio of projects under development in France and Morocco, as well as its geographic presence in Germany and Italy, make it an important player in the renewable energy sector.
For Antoine Cahuzac, Executive Director of the EDF Group in charge of the Renewable Energies Sector and Managing Director of EDF Energies Nouvelles: “EDF Energies Nouvelles has a great opportunity here to acquire a significant player in onshore wind power in Europe, present in countries of strong strategic interest. This project would thus reinforce the strong CAP 2030 ambitions of the EDF Group in renewable energy, in France and internationally. »
If the transaction is completed, and in accordance with current regulations, EDF Energies Nouvelles will initiate a simplified public purchase offer (OPAS) targeting all of the shares and OCEANEs of FUTUREN.
The operation would be subject to authorization from the competition authorities.
About EDF Energies NouvellesEDF Energies Nouvelles is an international leader in renewable electricity with an installed capacity of more than 9 GW gross worldwide. Its development is mainly focused on wind power and photovoltaic solar power. Mainly present in Europe and North America, EDF EN continues its development by taking a position in new promising markets and in new countries such as South Africa, Brazil, Chile, China and India. The Company, which is strongly positioned in the offshore wind sector, is also present in other renewable energy sectors: marine energies, distributed energies as well as energy storage. EDF EN ensures the development and construction of renewable energy projects as well as their operation and maintenance, for its own account and on behalf of third parties. EDF Energies Nouvelles is the subsidiary of the EDF group dedicated to the development of renewable energies.
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