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Infigen suitors increase bids
Posted on Monday, 29 June 2020 11:05
Two prospective acquirors who are in the running to purchase Australian renewable power player Infigen Energy have upped the value of their approaches for the business. First, Philippines-headquartered holding company Ayala, which is conducing the takeover through UAC Energy, a joint venture with UPC Renewables, revised its bid from AUD 0.80 to AUD 0.86 (USD 0.55 to USD 0.59), the same price as the first bid from rival suitor Iberdrola. The move also involved the removal of certain conditions on the approach. In response, its rival topped up its offer from AUD 0.86 to AUD 0.89. Infigen has advised its shareholders not to take any action at this time, saying it is evaluating the two new bids. Australia’s Foreign Investment Review Board had already given its seal of approval to the UAC offer, while Iberdrola’s approach was given the thumbs up by the target, which said the deal had a higher price and fewer conditions. Infigen claims to have one of the largest renewable energy fleets in Australia, with total nameplate capacity of 670.00 MW. Its portfolio includes firming assets, which ensure a consistent supply of electricity despite the intermittent nature of renewable energy supply; among these are a 123.00 MW gas peaker in New South Wales and a 25.00 MW battery in South Australia. According to Zephyr, the M&A database published by Bureau van Dijk, Iberdrola’s bid for Infigen is the third-largest deal targeting a provider of wind electric power generation services to have been announced worldwide since the start of this year, while Ayala’s approach is the fifth-largest. The most valuable deal targeting the sector to have been signed off in 2020 to date saw Impala acquire a 49.9 per cent shareholding in France-based Neoen for EUR 1.45 billion. © Zephus Ltd