Morgan Stanley Infrastructure Partners (MSIP) has agreed to takeover PNE in a deal worth €306 million.
MISP will offer all PNE shareholders €4 in cash per share.
The offer implies a total equity value for PNE of approximately €306m and a total enterprise value of approximately €360 million, according to MSIP.
The terms and conditions of the deal have become contractual in an investment agreement between PNE and MSIP.
Under the terms of the agreement, PNE’s management board and supervisory board have “taken the view that the transaction is in the best interest of the company, its shareholders, employees and other stakeholders,” according to a statement by MSIP.
The investment agreement also contains the terms and conditions of the Investor’s strategic investment in PNE including commitments regarding the continuity of the workforce and existing business units as well as for its “strong support of the business strategy, particularly in respect to financing”.
The management board has also committed to initiate a delisting of PNE together with MSIP upon the acquisition of more than 50% of the voting rights and the successful completion of the offer.
“Both parties believe that private ownership will provide the management board of PNE with an environment to effectively execute its strategy in the best interest of the company and all of its stakeholders,” said MSIP.
MSIP has also entered into a sale and purchase agreement to acquire 11% of PNE’s total share capital from PNE’s largest investor group, securing the corresponding stake for the planned offer.
MSIP executive director Christoph Oppenauer said: “We recognise PNE’s achievements to date and as a long-term investor, we will support the Company’s strategic agenda and objectives. We can provide significant additional know-how and financial backing to accelerate PNE’s strategic growth.
“We will be working with management to continue building a sustainable and competitive renewable energy platform, which will contribute towards achieving the renewable energy build-out targets of governments in PNE’s core markets.”