Brookfield Agrees to €6.1 Billion Bid for Neoen France’s Leading Renewables Developer Following Impala Partnership

Brookfield Asset Management, along with its institutional partners, including Brookfield Renewable and Temasek, has entered into exclusive negotiations to acquire a majority stake in Neoen, a leading global renewable energy developer based in France. The deal involves purchasing approximately 53.32% of Neoen’s outstanding shares from shareholders such as Impala, the Fonds Stratégique de Participations, Cartusia, and Xavier Barbaro, at a price of 39.85 euros per share.

Connor Teskey, CEO of Renewable Power & Transition at Brookfield

This acquisition price represents a 26.9% premium over Neoen’s last closing price, and a premium of 40.3% and 43.5% over the 3- and 6-month volume-weighted average prices, respectively. The transaction values Neoen at 6.1 billion euros. Upon completion of this block acquisition, Brookfield plans to launch a mandatory tender offer for the remaining shares and convertible bonds of Neoen, aiming for a complete buyout.

The Neoen Board of Directors has unanimously supported Brookfield’s proposal and appointed Finexsi as an independent expert to assist in the transaction. Brookfield intends to leverage its expertise and capital to accelerate Neoen’s development and strengthen its global leadership in renewable energy.

Connor Teskey, CEO of Renewable Power & Transition at Brookfield, expressed enthusiasm about the acquisition, highlighting Neoen’s robust platform in renewable energy. Teskey emphasized Brookfield’s commitment to enhancing Neoen’s growth while preserving its culture and identity. Jacques Veyrat, founder and president of Impala, and Xavier Barbaro, Neoen’s Chairman and CEO, both expressed confidence in Brookfield’s ability to support Neoen’s continued expansion and success.

Nicolas Dubourg, Managing Director of the Fonds Stratégique de Participations, praised Neoen’s progress since its IPO and reiterated the strategic importance of long-term investment in renewable energy companies.

This strategic move by Brookfield underscores its ambition to diversify and expand its footprint in the renewable energy sector, capitalizing on Neoen’s established market presence and expertise in battery storage technology. The acquisition is expected to further bolster Brookfield’s global renewable energy portfolio and support the growing demand for clean energy.