Infrastructure Investments Fund (IIF), a JP Morgan-advised investment vehicle, has finalised the acquisition of Falck Renewables’ entire interest.
Following a sale and purchase agreement signed on October 19, 2021, the fund purchased the stake, which represents 60 percent of Falck Renewables’ share capital.
Following the completion of the deal, IIF’s Green Bidco vehicle will launch a required cash tender offer on the remaining share capital of Falck Renewables. Tomorrow, Green Bidco plans to launch a cash tender offer on a convertible bond.
Enrico Falck, executive chairman of Falck Renewables’ board of directors and a member of the Sustainable Strategy Committee, as well as Federico Falck, Filippo Marchi, and Guido Corbetta, non-executive and non-independent directors, have all resigned with immediate effect.
Olov Mikael Kramer, John Hoskins Foster, Mark Alan Walters, and Sneha Sinha have been named to the board as new directors.
Kramer has been named executive chairman of Falck Renewables’ board of directors, as well as a new member and chairman of the Sustainable Strategy Committee, while Hoskins Foster has been made vice chairman.
Falck Renewables’ CEO, Toni Volpe, will remain in place.
The newly elected directors will serve until the next shareholders’ meeting, which is planned for April 28, 2022.
“The acquisition is a huge sign of confidence in Falck Renewables and recognition of the hard work of all our employees worldwide over the last few years.” Said Volpe.
“The support of IIF will be invaluable to delivering our long-term strategy of increased growth, allowing us to generate more energy from renewable sources, benefitting local communities, supply chains and economies, while helping our clients become more sustainable through the use of innovative technologies.”
“We are delighted to reach this important milestone in the acquisition of Falck Renewables and we look forward to working with Toni Volpe and the management team to support the company’s growth strategy for the benefit of consumers, communities and broader long-term stakeholders”.
“We are delighted to reach this important milestone in the acquisition of Falck Renewables and we look forward to working with Toni Volpe and the management team to support the company’s growth strategy for the benefit of consumers, communities and broader long-term stakeholders”. said Matthew LeBlanc, IIF’s chief investment officer.
