Brookfield to Acquire Neoen for $6.6 Billion

Brookfield Asset Management, along with its subsidiary Brookfield Renewable Holdings and Temasek, is in exclusive negotiations to acquire a 53.32% majority stake in French renewables developer Neoen. The shares are being purchased from major shareholders including Impala, the Fonds Stratégique de Participations (FSP), Cartusia, and Neoen Chairman Xavier Barbaro at a price of €39.85 per share. This block acquisition is valued at approximately €6.1 billion ($6.6 billion USD). Following this transaction, Brookfield plans to file a mandatory cash tender offer for the remaining shares and convertible bonds (OCEANEs) at €40.85 per share.

Neoen, a company with a robust portfolio in solar, wind, and storage assets, has over 4 GW of renewable energy projects in operation or under construction and aims to expand to 10 GW by 2030. The acquisition is anticipated to take Neoen private and is expected to enhance its growth trajectory, leveraging Brookfield's extensive experience and scale in renewable energy. The deal is subject to regulatory approval from antitrust and foreign investment bodies and is projected to be finalized by the end of 2024. Neoen’s board supports the acquisition, which is seen as a strategic move to bolster the company’s global leadership in renewable energy.