National stock exchange prepares to say goodbye to Greenvolt after KKR now owns 97.6% of the company
The KKR fund (Kohlberg Kravis Roberts) became owner of 97.6% of the Portuguese company Greenvoltafter the OPA (Public Acquisition Offer) allowed the GVK Omega, a vehicle created by the Americans for the operation, acquired a portion of the capital that it did not already hold. Now, the Portuguese company led by João Manso Neto is preparing to say goodbye to the national stock exchange.
The results of the operation were released this Friday, after the session closed, by Euronext, the company that manages the national stock exchange. Greenvolt closed the day with a drop of 1.32% to 8.2 euros per share.
A GVK Omega paid a further 19.7 million euros equivalent to 12.08% of Greenvolt’s share capital, to which is added the purchase of another 18.93% of the capital, for 30.9 million, which includes the settlement of a contract of swap concluded with Mediabanca, the operation’s intermediary. Adding these transfers to the shares it already held (66.63% of the capital), it means that KKR now holds 159.4 million Greenvolt shares, which is equivalent to 97.6% of the capital.
The operation is equivalent to 8,310 euros per share, increasing the market value of the Portuguese company to 1.35 billion euros. E, once the 90% level was exceeded, the owners of Greenvolt they will activate the potential takeover bid mechanism, with a view to delisting the company from the stock exchange.
Yesterday was the last day of the offer period, which began to be designed in December last year, with the preliminary announcement of a voluntary offer. The settlement of the OPA will be on October 29th.
KKR is a global investment firm offering alternative asset management as well as capital markets and insurance solutions.
