EQT and Norway wealth fund bid for Acciona Energia - report

Two investment giants, EQT and Norges Bank Investment Management, have formed a joint bid for the Spanish renewable energy company Acciona Energia, according to a report by Expansion. The consortium, which competes against French private equity firm Ardian, is led by EQT, with the Swedish firm holding around 75% of the stake. Norges Bank Investment Management, a wealth fund from Norway, would control the remaining 25%.

Acciona Energia's enterprise value, including debt, is reported to be approximately €11.9 billion ($13.73 billion). The sale process has progressed past initial non-binding bids, with Acciona Energia facilitating meetings between interested parties and management before confirming winning offers in October. Following the selection of a preferred proposal, Spanish conglomerate Acciona would engage in exclusive negotiations.

The successful takeover would aim to delist the company. Ardian, too, is evaluating the acquisition through its infrastructure division, but has not yet formed an alliance. The substantial transaction would necessitate Ardian to seek co-investors. Acciona Energia is currently consulting with Citi and Goldman Sachs to explore strategic options for the subsidiary.