Acciona, a Spanish energy and infrastructure group, is planning to launch an initial public offering for a stake in its energy business in the first half of this year, according to Reuters.
In April 2020, AXA IM Alts entered into an agreement with Acciona to acquire a 33.33 percent equity stake in Acciona Energía Internacional from KKR & Co.
In February 2021, Acciona revealed it was planning to spin off Acciona Energia and list a stake of at least 25 percent to fund the buildout of wind and solar facilities. The company also will use the funds to pay down debt.
According to Reuters, the financial terms of the IPO have not been specifically disclosed; however, sources report it could be a valuation of 10 times the unit’s 2020 core earnings of €831 million ($1 billion).