EDF Energy Nouvelles has entered into exclusive talks with the controlling shareholders of Futuren with a view to acquiring the French wind developer.
The controlling shareholders own 61.6% of Futuren’s ordinary shares and 96% of its convertible bonds.
Under the terms of the proposed deal, EDF EN would buy all the shares at a price of €1.15 per share – representing a premium of 38.6% on the closing share price on 24 April, when the talks started.
A price of €9.37 per convertible bond ex coupon is also proposed, which is a 39.7% premium on the closing share price on 24 April.
Futuren said its board of directors “unanimously welcomed” EDF EN’s offer.
Once the deal is complete, EDF EN would launch a tender offer for Futuren’s remaining shares and convertible bonds, Futuren said.
The deal is subject to clearance from antitrust authorities.
EDF EN chief executive Antoine Cahuzac said: “EDF EN has a great opportunity to acquire a significant player in the European onshore wind energy market which is positioned in countries with considerable strategic appeal.”
Futuren owns 389MW of wind capacity and operates 357MW for third parties in France, Germany, Morocco and Italy.
It is also developing projects with capacity totalling 168MW.
EDF Group said the deal is in line with its strategy to double global renewables capacity by 2030.
Image: FreeImages/Christian Wagner
