TORONTO 鈥� Brookfield is in talks to acquire a majority stake in French renewable power developer Neoen, with plans to buy the remaining interest in the company, if it is successful in reaching a deal.
The plan led by the Brookfield Global Transition Fund values Neoen, which has renewable power projects in operation and under construction around the world, at about $9 billion.
The Canadian company says it is in exclusive negotiations with Impala, the Fonds Strat茅gique de Participations managed by ISALT, Cartusia and Xavier Barbaro, and other shareholders to acquire a 53.32 per cent stake in Neoen at a price of 39.85 euros per share.
Brookfield says, subject to closing of the acquisition, it will file an all-cash offer for the remaining shares and outstanding convertible bonds in Neoen.
The deal is subject to customary regulatory approvals including antitrust and foreign investments clearances.
The Brookfield Global Transition Fund is managed by Brookfield Asset Management. Brookfield's institutional partners on the proposal include Brookfield Renewable and Singapore's Temasek.
This report by The Canadian Press was first published May 30, 2024.
Companies in this story: (TSX:BAM, TSX:BEP.UN, TSX:BEPC)
The Canadian Press
