MSIP submit bids for PNE acquisition
Morgan Stanley Infrastructure Partners (MSIP) announces the intention to acquire the German wind developer, PNE Group, in a voluntary cash takeover at a price of GBP4.00 (US$4.40) per share for a total consideration of GBP360 million (US$455.44 million).
The deal represents about 31% stake of PNE.
The transaction will be subjected to a minimum acceptance ratio of 50% plus one share, as well as approval from antitrust and foreign investment controls. Once the deal is closed, MSIP will delist the company.
PNE Group is a German wind power pioneer operating on an international level and it is one of the most experienced project developers of onshore and offshore wind farms. PNE's portfolio includes assets in Germany and France.
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