Toronto, Canada – Brookfield Corp. announced plans to purchase French green energy company Neoen SA for €6.1 billion ($6.6 billion), aiming to diversify its business in the global renewables market. The Canadian asset manager, along with Singaporean state-owned investment company Temasek Holdings Ltd., has entered into exclusive negotiations with Neoen shareholders to buy a 53.32% stake in the company for €39.86 in cash per share.
The deal values Neoen, known for building and operating solar power plants and wind farms, at €6.1 billion. Brookfield and Temasek intend to acquire the stake from shareholders including asset manager Impala SAS, insurance alliance Fonds Stratégique de Participations (FSP), and Xavier Barbaro, the chair and CEO of Neoen.
Following this, Brookfield plans to purchase the remaining shares and outstanding convertible bonds at the same price through a mandatory tender offer, required under French security laws due to the buyers’ control of over 30% of the company.
The offer price represents a 27% premium over Neoen’s €31.40 closing price on the Euronext Paris prior to the announcement. Trading of Neoen shares was suspended as the offer was disclosed.
