Corporate movements are reactivated in the Spanish stock market. On this occasion, the rains come from Antin Infraestructure Partners, a French fund that has revived the Spanish market with the launch of a friendly takeover bid for Opdenergy with the intention of acquiring 100% of the capital. The offer has aroused attention for two key issues: price and timing. Through GCE Bidco, the firm controlled by Antin, the group has raised a 23% premium on the price of its IPO and puts 5.85 euros on the table compared to the 4.75 euros with which they debut in the park.
The interest in this ‘private equity’ fund is also relevant because it occurs only once months after Opdenergy began to walk through the Spanish park. His intention is to take it off the stock market, which means that, if carried out, the only IPO in the last year and a half will be delisted, not counting the integrations into BME Growth. A movement that shows the investor appetite for renewable energies and that opens the door for more operations of this type to take place within the energy sector in the medium term, especially in independent companies, according to the sources consulted by this medium.
The takeover bids carried out in recent years have made the energy sector one of the most dynamic in this regard, with delisting as a common formula. Among the precedents are Solarpack, which also abandoned the Madrid park after the takeover bid launched by the Swedish fund in August five years after the delisting takeover bid, although in this case it was launched by the majority shareholders.
This operation activated the radar among analysts and investors about what could be the next firm dedicated to clean energy. In fact, there was even speculation about Grenergy or Ecoener as the possible companies that could be offered in the future. It should not be forgotten that M&A operations in the renewable energy area have fallen by 35% year-on-year between January and April, to a total of 54, of which the solar cup segment is the bulk with 35 agreements. The positive note is that the total import has skyrocketed by more than 82% and is close to 10,000 million until the fourth month of the year.
For now, the fact that the funds find this sector attractive has helped boost their prices after a weak trajectory so far in 2023, which has led some like Solaria to become the ‘red lantern’ of the Ibex 35 with some losses of 21% in the annual calculation, in line with Grenergy, which falls 5.4%, while Ecoener manages to leave behind the red numbers on the stock market and begins to record slight gains of 1% after yesterday’s push.
Apart from Opdenergy, which flew more than 41% on the stock market this Monday, until approaching the price offered by Antin, the rest of the sector has also experienced a notable ‘rally’, including Solaria (+4.6%), Grenergy (+5.7%) or Ecoener (+5.96%), which have become the stock market protagonists in the weekly start. Among its strengths are the large discounts with which they are listed and which range from 35% of the aforementioned Solaria to 57% of Audax Renovables. 70%, standing out above the rest.
Added to the great potential that it presents is the growth recorded during the first quarter of the year by those that were already born with the vocation of producing clean energy. As this medium published, only Audax Renovables, Solaria and Grenergy added a joint profit of 32.3 million between January and March, 20% more year-on-year due to the explosion of new renewable projects. The trajectory of EiDF Solar remains to be known, whose listing is suspended while its new auditors compare the accounts for the first quarter of the year after acknowledging accounting flaws.