Brookfield, through its renewable energy platform Brookfield Renewable Partners, is negotiating with Impala, the Fonds Stratégique de Participations managed by ISALT, Cartusiai, Xavier Barbaro, and other shareholders to acquire approximately 53.32% of Neoen shares at a price of 39.85 euros per share. Once this block had been acquired, Brookfield Renewable Holdings would launch a mandatory takeover bid for the remaining shares at the same price, with the intention of delisting Neoen from the Paris stock exchange.
Valuation and reaction of the Board of Directors
This offer values Neoen at €6.1 billion for 100% of the shares, representing a premium of 26.9% over the last closing price. Neoen’s Board of Directors welcomed this proposal. Xavier Barbaro, CEO of Neoen, expresses his satisfaction, saying that Brookfield will accompany Neoen in a new phase of growth, strengthening its position as a global leader in renewable energy production.
Growth prospects and diversification
Connor Teskey of Brookfield Asset Management points out that the acquisition of Neoen consolidates Brookfield’s global reach, diversifies its renewable energy activities and brings significant expertise in battery storage technology. Neoen, founded in 2008 and listed since 2018, has over 8.3 GW of renewable energy production capacity in operation or under construction, including the Cestas solar farm in France and the Mutkalampi wind farm in Finland.
Acquisition performance and impact
In 2023, Neoen’s net profit more than tripled to €150.2 million. This acquisition should not only strengthen Brookfield’s position in key renewable energy markets, but also accelerate Neoen’s growth, enabling the company to play a crucial role in the global energy transition.
Brookfield’s acquisition of Neoen represents a major step forward for both companies. This strategic transaction will consolidate Brookfield’s position in the renewable energies sector, while providing Neoen with the resources it needs to pursue its global expansion and sustainable growth ambitions.
