Two private equity firms led by Atlassian co-founder Scott Farquhar has made an A$319m (€216m) unsolicited bid for Australian renewable energy developer Genex Power.
The move was made via the Australian billionaire’s Skip Essential Infrastructure Fund, which Genex said owns a 19.99% stake in the company, and Stonepeak Partners.
They offered 23 Australian cents per share, pitched at a 70% premium to Genex’s close last Friday.
Genex told Reuters: “The Genex Board has not yet formed a view on the merits of the Indicative Proposal or any potential further engagement with the Consortium.”
The proposed bid, subject to due diligence, comes as new Australia’s Labor government pushes to speed up the transition to cleaner energy, aiming for the national electricity market to be 82% powered by renewables by 2030.