Private equity firm offer to buy Swedish renewable energy group for $1.5 billion
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On Monday, private equity firm EQT announced a cash offer to acquire Swedish renewable energy group OX2 for 16.4 billion crowns ($1.51 billion). EQT is offering 60 crowns per share for OX2, representing a 43% premium over OX2’s closing price on the previous Friday.
EQT stated that Peas Industries AB, OX2’s main owner with a 46% stake in shares and votes, has agreed to accept the offer. Additionally, an independent bid committee at OX2 has unanimously recommended that shareholders accept the offer.
“OX2 would benefit from evolving its business model from a pure developer to an integrated renewables developer and asset owner while retaining its ability to sell projects,” it said.
It added, “EQT is well-suited to partner with the company during this next phase, offering the necessary capital and deep industry expertise to accelerate its growth journey.”
The cash offer from EQT to acquire OX2 is contingent upon regulatory approval and requires acceptance by owners holding more than 50% of OX2’s shares.
EQT aims to achieve at least 90% ownership of OX2 and subsequently delist the company from public trading. This strategy is part of EQT’s plan for the acquisition of OX2.
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