Brookfield seeks to acquire Neoen for €6.1 billion

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From pv magazine France

Canada's Brookfield Asset Management has started exclusive negotiations with the main shareholders of Neoen to acquire a 53.32% stake in the French renewable energy company.

If finalized, the deal would give Brookfield Asset Management a 100% stake in Neoen. Brookfield offered €39.85 per share, for a total of around €6.1 billion.

“The acquisition of Neoen strengthens Brookfield's global reach, while diversifying its activities in key renewable energy markets and providing significant expertise in battery storage technology,” said Connor Teskey, CEO of renewable power at Brookfield Asset Management.

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Neoen's board of directors unanimously welcomed Brookfield Asset Management's proposal and appointed French financial advisory Finexsi as an independent expert to the company's board of directors. For Neoen, which has been listed on the Paris Stock Exchange since 2018, the acquisition would strengthen its investment resources.

“Brookfield will support our company in a new phase of its growth, and allow Neoen to further strengthen its position, that of a global player, leader in the production of renewable energy,” said Xavier Barbaro, chairman and CEO of Neoen.

The transaction will take place in three stages, followed by compulsory withdrawal procedures from the Paris Stock Exchange.

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