Eesti Energia Launches Voluntary Takeover Offer for Enefit Green
Deal News | Apr 07, 2025 | Globenewswire
Eesti Energia AS is launching a voluntary takeover offer for all remaining shares of Enefit Green AS that it does not currently own. The offer price is €3.40 per share. The objective is to increase Eesti Energia's stake in the renewable energy company to at least 90% and subsequently delist Enefit Green from the Nasdaq Tallinn Main List. The acquisition aims to consolidate Eesti Energia's sales and production portfolio to boost investment capacity in renewable energies and improve competitive electricity pricing. The successful acquisition is expected to enhance profitability and reduce administrative burdens for Enefit Green. Post-acquisition, Eesti Energia plans a public debt offering in Estonia, giving Enefit Green's former shareholders an opportunity to reinvest. Up to 500,000 bonds will be offered with a coupon rate of 5% and a maturity of three years. The entire acquisition process aligns with Estonian securities regulations, and the relevant documentation has been approved by the Financial Supervision Authority. The takeover offer will officially open on April 8, 2025, and close on May 12, 2025.
Sectors
- Energy
- Finance
Geography
- Estonia – Eesti Energia AS and Enefit Green AS are both registered in Estonia, and the transaction will occur under Estonian jurisdiction.
Industry
- Energy – Enefit Green AS is a renewable energy company, and Eesti Energia focuses on energy production and supply; both operate in the energy sector.
- Finance – The transaction involves a share buyout and a bond offering, activities central to the finance sector.
Financials
- €3.40 – The offer price per share for the takeover of Enefit Green.
- 203,931,405 – Number of shares currently owned by Eesti Energia, representing 77.17% of Enefit Green's shares.
- 264,276,232 – Total number of Enefit Green's shares.
- 100,000 to 500,000 – Number of bonds Eesti Energia plans to offer with a nominal value of €100 each.
- 5% – Proposed coupon rate for the bonds.
- 3 years – Maturity period for the bonds.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Eesti Energia AS | Acquirer | Company | The company making the takeover offer, aiming to increase its stake in Enefit Green AS. |
| Enefit Green AS | Target | Company | A renewable energy company that is the subject of the takeover offer. |
| Nasdaq Tallinn | Stock Exchange | Other | The exchange where Enefit Green's shares are currently listed. |
| Financial Supervision Authority | Regulator | Government | The authority responsible for approving the prospectus and overseeing the compliance of the transaction. |