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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.