Photon Management, a subsidiary of Morgan Stanley Infrastructure Partners, has signed an investment agreement to buy out Pure New Energy (PNE), a German renewables company, for $337 million.
PNE is an international developer of onshore and offshore wind farms. In addition to wind energy, the company aims to offer photovoltaic, electricity storage and power-to-gas technologies with a focus on hydrogen in the future as well.
PNE said that it accepted the offer following a thorough review.
The bid was a 31 percent premium to the share price announced in August and a 21 percent premium on the volume-weighted average share price over the past three months.
“We welcome the offer by MSIP and are convinced that it offers a fair and appropriate value for the shareholders,” said Per Hornung Pedersen, chairman of the supervisory board of PNE, in a statement. “Further, the offer provides a sustainably stable and positive perspective, as well as leading position in a future market for the company and its further stakeholders.”
Photon Management is expected to release the official offer document at a later time, following approval by the German Federal Financial Supervisory Authority. PNE’s management and supervisory boards will thoroughly review the offer and issue a formal answer after that.
