Infrastructure Investments Fund set to acquire Italy's Falck Renewables

The Infrastructure Investments Fund (IIF), a JP Morgan-advised vehicle, has obtained all necessary approvals to buy a 60 percent controlling stake in Italian renewable energy company Falck Renewables SpA, the company said on Monday.

Falck and IIF intend to close the transaction by February 24, the companies said in a statement.

“In particular, the UK Secretary of State for Business, Energy and Industrial Strategy and the US Federal Energy Regulatory Commission authorised the Transaction on 11 February 2022 and 21 January 2022, respectively. Falck S.p.A. and IIF informed the Company that they have agreed the closing of the transaction to occur on 24 February 2022,” the statement said.

The fund will acquire the controlling stake from Falck SpA for US $9.97 per share in cash, which will leave the seller with no further shares in Falck Renewables. The transaction will be executed by IIF-owned Green Bidco Srl, which then plans to launch a mandatory cash tender offer for the rest of the shares at the same price.

Following the closing of the transaction, Green Bidco also plans to launch a voluntary cash tender offer for a EUR-200-million convertible green bond, which will be due in 2025.