Kinematics Bolsters Solar Sector with P4Q Acquisition
Deal News | Feb 10, 2025 | Iberian Lawyer
Ashurst advised Citibank and a consortium of banks under Spanish law in the financing arrangement for Kinematics' acquisition of P4Q, a Spanish company specializing in solar tracker controllers. The $163 million transaction, which strengthens Kinematics' market position and technological capabilities in the renewable energy sector, closed in February after receiving Spanish regulatory approvals. Talde Private Equity exited its majority holding in P4Q, a stake it had held since 2018, a period during which P4Q became a leading player in the solar industry under its leadership. Now integrated into Kinematics, P4Q will enhance its global reach in providing motion control solutions for solar tracker OEMs. Legal advisement for the transaction was provided by firms including Ashurst, Ura Menndez, Garrigues, PwC, Paul Hastings, and Proskauer Rose.
Sectors
- Renewable Energy
- Financial Services
- Legal Services
Geography
- Spain – P4Q is a Spain-based company, and Spanish law governed part of the transaction, which required regulatory approvals from Spanish authorities.
- United States – Some of the legal advice for the transaction was provided under New York law, indicating the involvement of U.S.-based legal services.
Industry
- Renewable Energy – The acquisition of P4Q by Kinematics highlights a significant development in the renewable energy sector, focusing on enhancing solar tracker technology.
- Financial Services – The involvement of Citibank and a syndicate of banks in providing acquisition financing underscores the role of financial services in facilitating large-scale renewable energy deals.
- Legal Services – Multiple legal firms, including Ashurst, were integral in advising different aspects of the transaction, covering Spanish and New York laws.
Financials
- $163 million – The acquisition cost for Kinematics to acquire P4Q.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kinematics | Acquiring Company | Company | A company involved in the renewable energy sector, acquiring P4Q to expand its technological and market capabilities. |
| P4Q | Target Company | Company | A Spanish company specializing in high-performance electronics for solar tracking, being acquired by Kinematics. |
| Talde Private Equity | Selling Company | Company | Previous majority shareholder of P4Q, exiting its investment after six years. |
| Citibank | Financing Bank | Company | Part of the syndicate providing acquisition financing for Kinematics' purchase of P4Q. |
| Ashurst | Legal Advisor (Citibank) | Company | Provided legal advice to Citibank and a syndicate of banks for acquisition financing. |
| Ura Menndez | Legal Advisor (Borrower) | Company | Advising the borrower under Spanish law. |
| Garrigues | Legal Advisor (Seller) | Company | Representing the shareholders of P4Q. |
| PwC | Legal Advisor (Seller) | Company | Representing the shareholders of P4Q. |
| Paul Hastings | Legal Advisor (Lenders) | Company | Advising the lenders under New York law. |
| Proskauer Rose | Legal Advisor (Borrower) | Company | Advising the borrower under New York law. |