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KKR plans to buy Encavis for 2.8 billion euros

Encavis, the German renewable energies producer, could be acquired by the American investment fund KKR for 2.8 billion euros, surpassing its stock market value.

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KKR, the American investment fund, launches a takeover bid for Encavis, offering 17.50 euros per share, a 54% premium to the March 5 share price. This proposal values Encavis at 2.8 billion euros, above its stock market valuation of 2.2 billion, signalling strong confidence in Encavis’ growth potential in the renewable energies sector.

Market Response

The announcement had an immediate impact on the market, with Encavis’ share price rising by 25% following the news. This reaction indicates the market’s approval of the relevance of the offer. The proposed price, higher than the previous market value, marks a turning point for Encavis. Investors seem optimistic about the company’s future under the new management.

Encavis growth strategy

Encavis aims to significantly expand its renewable energy production capacity. With a target of 7 GW by 2027, the company is looking to accelerate its expansion. This strategy is in line with the growing demand for clean energy in Europe. KKR’s involvement should provide the resources needed to realize these ambitions, without however explicitly promoting renewable energies.

Strategic partnership with Viessmann

The consortium led by KKR also includes Viessmann, underlining a strategic collaboration. Viessmann is reinvesting the profits from the sale of its heat pump business in this acquisition. This strategic partnership could provide Encavis with technological and operational advantages. Together, they plan to strengthen Encavis’ position in the European renewable energies market. Encavis management has stated that it intends to “step up a gear and compete with the major players in the market”.

This acquisition could signal a trend towards consolidation in the European energy industry. KKR’s interest in Encavis reflects the attractiveness of the renewable energy sector for institutional investors. Nevertheless, the transaction is being scrutinized by market players for its potential implications on competitiveness. The reaction of other companies in the sector will be decisive for future market dynamics.

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