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