BROOKFIELD Asset Management has proposed to purchase a remaining 53.32 per cent stake in Neoen for 39.85 euros (S$58.19) per share.
Neoen is a renewable energy developer headquartered in Paris and backed by Temasek.
The asset management company is also purchasing Neoen’s outstanding convertible bonds at the same offer price.
The all-cash mandatory tender offer implies an equity value of 6.1 billion euros for 100 per cent of the shares in Neoen, said both companies on Thursday (May 30).
Neoen said its board of directors “unanimously welcomed” Brookfield’s proposal.
The company is currently 42.15 per cent-owned by independent energy specialist Impala.
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Xavier Barbaro, Neoen’s chairman and CEO, said he sees Brookfield as the company’s “partner of choice to preserve the structure and identity of Neoen in the best interests of its employees and its stakeholders.”
Impala founder and president, Jacques Veyrat, said: “Impala is delighted to sell the control of Neoen to Brookfield, a responsible actor and world leader in the renewable energy market.”
“With the financial backing of this new shareholder (Brookfield) and the talent of Xavier Barbaro and his teams, Neoen will be able to continue its growth trajectory,” he added.
