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Morgan Stanley subsidiary to buy PNE for €300m

Morgan Stanley Infrastructure Partners has concluded an investor agreement to buy German renewables developer Pure New Energy (PNE).

By Jack Unwin

Morgan Stanley Infrastructure Partners (MSIP) subsidiary Photon Management has concluded an investor agreement to buy German renewables developer Pure New Energy (PNE).

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Talks between the two companies have been ongoing since August 2019 when Photon made an offer of €3.50 to €3.80 a share, giving PNE a value of €295m. However, a leading PNE shareholder described the offer as “completely inadequate” at the time.

Photon has since offered €4 a share, which gives PNE a total equity value of €306m and an enterprise value of €360m.

Following news of the investment PNE’s share price rose on the Frankfurt Stock Exchange by over 4% from €3.78 to €4.02 a share, its highest price in 2019, which gave the company a current market cap value of €304.7m. This has continued PNE’s rising share price trend throughout 2019, which started at €2.42 a share.

Pure New Energy share price in 2019

PNE supervisory board chairman Per Hornung Pedersen said: “We welcome MISP’s offer and believe that it offers fair and equitable value to shareholders. In addition, the offer promises the company and its other stakeholders a long-term stable and positive perspective and leading position in a future market.”

MSIP executive director Christoph Oppenauer added: “We can provide significant additional know-how and financial backing to accelerate PNE’s strategic growth.

“We will be working with management to continue building a sustainable and competitive renewable energy platform, which will contribute towards achieving the renewable energy build-out targets of governments in PNE’s core markets.”

The deal is subject to standard anti-trust and foreign investment control approvals from the Federal Financial Supervisory Authority in Germany, and once MSIP owns more than 50% of the company it will have to delist PNE.

Morgan Stanley’s investment in PNE would reflect the company’s policy of providing $250bn for low-carbon financing by 2030.

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Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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