M&As this week: LOC Renewables, Global Power Synergy Public

22 June 2018 (Last Updated July 27th, 2018 07:04)

LOC Renewables has acquired a 70% stake in Innosea SAS, a France-based marine energy engineering company.

LOC Renewables has acquired a 70% stake in Innosea SAS, a France-based marine energy engineering company.

Innosea will provide site-specific services such as wind turbine modelling, fixed and floating substructure design or package management, and site surveys and investigations, following the acquisition.

LOC Renewables will provide services in the development stage such as Marine Warranty Surveys (MWS) during transport and installation phases, cable installation, and long-term O&M management, vessel SIA/SSA and logistics design.

The acquisition will enable both the companies to offer an increasingly comprehensive array of services supporting the offshore wind sector such as planning, permitting, operation and maintenance.

Based in the UK, LOC Renewables is engaged in providing marine engineering consultancy services for the offshore wind energy sector.

Germany-based investment firm Frankfurter Aktienfonds fur Stiftungen and funds sub-advised by Shareholder Value Management (SVM) have acquired a 2% stake in EDP Renovaveis by purchasing 17.6 million shares.

SVM is an investment company based in Germany, while the target company is a Spanish renewable energy company.

Global Power Synergy Public Co Ltd (GPSC) has agreed to purchase 30.89% stake in Glow Energy Public Co Ltd (Glow) in a public tender offer for THB43.6bn ($1.35bn).

The transaction includes the purchase of 451.89 million shares of Glow priced at THB96.5 ($2.99) a share.

“The transaction will enable CLEAResult Consulting to expand its energy management offerings and make further innovations in its technology platforms to provide better results.”

The company has also agreed to acquire the remaining 69.11% stake in Glow from Engie, a France-based electric utility, for THB97.56bn ($2.96bn).

Based in Thailand, the acquirer company is a power utility engaged in the generation and supply of electricity and thermal energy, while the target company, also based in Thailand, is an energy utility.

TPG Growth and The Rise Fund have signed an agreement with General Atlantic to acquire CLEAResult Consulting.

Goldman Sachs & Co, UBS Investment Bank, Credit Suisse Group, and KeyBanc Capital Markets are providing the required finance for the acquisition.

TPG Growth has engaged KeyBanc Capital Markets and Robert W Baird & Co as its financial advisors, while Vinson & Elkins was engaged as a legal advisor to both TPG Growth and The Rise Fund.

General Atlantic has engaged JPMorgan Chase & Co and Piper Jaffray Companies as financial advisors, and Paul, Weiss, Rifkind, Wharton & Garrison as legal advisors for the transaction.

The transaction will enable CLEAResult Consulting to expand its energy management offerings and make further innovations in its technology platforms to provide better results for its clients.

TPG Growth is a provider of private equity and venture capital, while The Rise Fund is an impact investment fund managed by TPG Growth and General Atlantic is a private equity firm.

The target company is engaged in providing energy efficiency solutions for utility companies.

All the entities involved in the transaction are based in the US.

SRECTrade has merged with US Photovoltaics, a US-based renewable energy certificate (REC) management, aggregation, and transaction services provider.

Based in the US, SRECTrade is an online seller of solar renewable energy certificates.

Milab Marketing has purchased 100% equity interest in Epic Solartech by acquiring 50,000 ordinary shares for MYR0.050m ($0.0125m).

Based in Malaysia, Milab Marketing is a wholly owned subsidiary of Malaysia-based OCK Group Berhad, while the target company, also based in Malaysia, is engaged in power generation.