Italy's Falck Renewables top investor agrees to sell stake to IIF
MILAN, Oct 20 (Reuters) - Falck Renewables' main shareholder agreed to sell its controlling stake in the Italian energy group to Infrastructure Investment Fund (IIF), the company said on Wednesday.
Under the agreement, IIF, which is advised by JP Morgan Investment Management, will pay 8.81 euros ($10) per share to buy a 60% stake in Falck Renewables, the statement said.
The price offers a premium of 29.2% to the three-month weighted average share price, it added.
Shares in Falck Renewables closed at 7.64 euros on the Milan bourse on Tuesday. Shares were up 14.1% at 8.73 euros in early trade.
"The investment by a new strategic partner allows Falck Renewables SpA to fully capitalize on the investment opportunities arising in the renewable energy sector and to position itself as a key player in today's highly active markets," the green group said in the statement.
Falck Renewables has an installed capacity of 1,320 megawatts in the United Kingdom, Italy, United States, Spain, France, Norway and Sweden.
IIF will launch a mandatory takeover on the remaining capital of the group after the closing of the deal, expected in the first quarter of 2022, with the final aim of delisting the group from the Milan market, the statement added. ($1 = 0.8601 euros) (Reporting by Elvira Pollina, editing by Giulia Segreti and Louise Heavens)
