Transactions - AUGUST 6, 2020

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Iberdrola completes takeover of Australia’s Infigen Energy

by Kali Persall

Iberdrola has effectively completed its takeover bid of Australia’s Infigen Energy two days before its offer deadline, according to several news reports.

In June, Iberdrola offered Infigen Energy A$840 million ($576 million) in a counter-takeover deal, besting a former offer of A$777 million ($533 million) by Filipino–Hong Kong joint venture UAC Energy Holdings consortium.

That new takeover bid represented A$0.86 ($0.59) per stapled security, which was a 7.5 percent premium to the earlier offer of A$0.80 ($0.54).

Wind Power Monthly reported Iberdrola has now obtained a 52.75 percent stake in the company, at a takeover bid of A$0.92 ($0.66) per stapled security.

With the acquisition, Iberdrola will assume ownership of Infigen’s 670 megawatts of wind generation assets, 268 megawatts of firming assets, 246 megawatts of additional renewable capacity

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