Morgan Stanley Infrastructure Partners, a subsidiary of investment bank Morgan Stanley, made a takeover offer for PNE AG in a move that would make it the sole owner of the German wind developer.
The public cash takeover offer is being made through wholly owned subsidiary Photon Management GmbH. The offer price is €4.00 per share, implying a total equity value for PNE of about €306 million, Morgan Stanley said Oct. 10.
Completion of the deal will be subject to a minimum acceptance ratio of 50% plus one share as well as other conditions including antitrust and foreign investor control approvals.
Once the offer is complete, PNE will be delisted from the Frankfurt Stock Exchange, Morgan Stanley said. "Both parties believe that private ownership will provide the management board of PNE with an environment to effectively execute its strategy in the best interest of the company and all of its stakeholders," it added.
PNE first announced in August that conversations around a possible takeover were taking place, when the price was still pegged at between €3.50 and €3.80 per share.
Morgan Stanley said in the takeover offer announcement that, in light of the renewables sector's dynamics, "accelerating PNE's strategic implementation will be pivotal to continue the company's additional growth as a leading clean energy solution provider."
PNE said Oct. 10 that it supports the offer, adding that it was in the interest of the company and its shareholders. CEO Markus Lesser called Morgan Stanley Infrastructure Partners a "professional and far-sighted partner."
PricewaterhouseCoopers and Latham & Watkins are advising PNE on the transaction.
