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    Brookfield signs Neoen share purchase agreement

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    Brookfield has entered into a share purchase agreement with the shareholders of Neoen to acquire a majority stake in the French renewables and battery developer.

     

    After completing Neoen’s works council information and consultation process, Brookfield (as the purchaser) signed a share purchase deal with Impala, Fonds Strategique de Participations managed by ISALT, Cartusia, Xavier Barbaro, and other shareholders. This agreement involves acquiring approximately 53.12% of Neoen’s outstanding shares at €39.85 per share, referred to as the “Block Acquisition.”

     

    Additionally, Brookfield has made a tender agreement with Bpifrance, through its ETI 2020 fund. Bpifrance has committed to tendering all its shares in Neoen, representing 4.36% of Neoen’s share capital, in the tender offer that Brookfield will launch after the Block Acquisition is completed.

     

    On May 30, 2024, Neoen announced that Impala, Fonds Strategique de Participations managed by ISALT, Cartusia, Xavier Barbaro, and other shareholders had entered into exclusive negotiations with Brookfield for the sale of a majority block of the company’s shares to Brookfield and its institutional partners, including Brookfield Renewable and Temasek.

     

    Once the Block Acquisition is closed, Brookfield is expected to file an all-cash mandatory tender offer for all remaining shares and outstanding convertible bonds (OCEANEs) in Neoen, with the intention of implementing a squeeze-out.

     

    Regulatory approvals are anticipated by the fourth quarter of 2024, with the tender offer expected to be launched in the first quarter of 2025.

     

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