Porto, Nov. 26, 2024 (Lusa) - Gamma Lux Aggregator, an investment vehicle of US company Kohlberg Kravis Roberts (KKR), is to inject €200 million into Greenvolt, its newly acquired Portugal-based renewable energy business, by the end of January 2025, the latter has announced to the market.
"Greenvolt - Energias Renováveis, S.A....hereby informs that Gamma Lux Aggregator S.à.r.l. agreed to contribute to the Company in a total aggregate amount of €200,000,000," reads a statement sent to Portugal's Securities Markets Commission (CMVM).
According to the statement, "The Contribution may take the form of equity or debt securities and falls within the provision of funds foreseen in the prospectus dated 4 October 2024 pertaining to the tender offer launched by GVK Omega, S.G.P.S., Unipessoal, Lda. with respect to the Company’s shares."
The injection of funds will be "carried out on or before 31 January 2025 (unless a later date is agreed between the parties)".
Greenvolt ceased to be listed on the Lisbon stock exchange last week, following the registration of the KKR unit's potential acquisition of the 2.36% of the company's capital that it does not already own.
The potential acquisition follows the general and mandatory takeover bid launched by GVK Omega, the results of which were announced on 25 October and which resulted in Lux Aggregator acquiring a 97.64% stake in Greenvolt.
According to the takeover bid prospectus, published on 4 October this year by the CMVM, GVK Omega's aim is to "contribute to the long-term development and sustainable growth" of Greenvolt.
At the end of 2023, KKR launched a voluntary bid for Greenvolt, which eventually became mandatory.
On 3 June, KKR revealed that it would convert Greenvolt bonds it holds into shares through GV Investor Bidco, at which point it had an 82% stake in the company.
In October, KKR managed to acquire 97.64% of Greenvolt after launching a general and compulsory takeover bid, leaving it with the possibility of going ahead with a squeeze-out - a legal mechanism that allows a majority shareholder to compulsorily acquire the shares of minority shareholders, as long as it holds more than 90% of the target company's share capital.
PD/ARO // ARO.
Lusa
