Polish electricity producer PGE Polska Grupa Energetyczna SA, or PGE Group, announced a tender offer to acquire all 45,443,547 ordinary bearer shares of Polenergia SA at 16.29 Polish zlotys per share.
Polenergia is a vertically integrated enterprise that generates electricity from conventional and renewable resources, as well as distributes and trades electricity. Polenergia also deals with several development projects, including electromobility, energy storage and photovoltaics.
Through the acquisition of Polenergia and its assets, PGE Group said it would be able to increase its electricity and heat generation, boost its distribution segment, cut down its average emissions and expand its wind capacity portfolio.
Polenergia currently owns seven operational wind farms with a total capacity of 245.3 MW, and the Nowa Sarzyna gas-fired, combined heat and power facility with capacity of 116 MW electric and 70 MW thermal. The company's projects under development include the 31-MW Winsko biomass power plant and two offshore wind farms on Baltic Sea with a total capacity of 1,200 MW.
Subscriptions to sell Polenergia shares under the tender offer will be accepted from July 13 to Sept. 20. Pekao Investment Banking SA acts as financial adviser to PGE Group for the transaction.
As of May 24, US$1 was equivalent to 3.68 Polish zlotys.
