Falck SpA divests majority stake to IIF

Falck Renewables SpA and Infrastructure Investments Fund (IIF) have reached an agreement to acquire Falck SpA’s 60% shareholding in Falck Renewables SpA, which will trigger a mandatory cash tender offer at closing. Falck Renewables SpA is a renewable energy platform with about 1.3 GW of installed capacity in the EU, covering wind, solar, waste-to-energy, and biomass technologies. 

The agreement provides for the acquisition at a price in cash of EUR8.81 (US$10.3) per share (the Price per Share). The Price per Share will not be subject to any adjustments arising from the possible conversion of Falck Renewables SpA’s convertible bond into Falck Renewables SpA equity. The agreement includes specific downward consideration adjustment mechanisms, which will only be triggered in the event of distributions to Falck Renewables SpA shareholders prior to closing.

The closing of the transaction is anticipated to be finalized in the first quarter of 2022.