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    BAM.A   CA1125851040

BROOKFIELD ASSET MANAGEMENT INC.

(BAM.A)
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Brookfield closes in on 50% of Spain's X-Elio in $585 million solar deal: sources

05/29/2019 | 03:14pm EDT

MADRID (Reuters) - Canadian asset manager Brookfield is close to sealing a deal with U.S. infrastructure fund KKR and Spain's Ribera family to buy a 50% stake in solar group X-Elio, according to three sources with knowledge of the matter.

By Andrés González and Isla Binnie

The transaction values the whole company, which builds and operates photovoltaic plants in the United States, Europe, Africa and Asia, at around 1.05 billion euros ($1.17 billion) including debt, two of the sources said.

Brookfield plans to buy a 20% stake in the company from the Riberas family, an industrial dynasty from northern Spain that founded car parts maker Gestamp.

It also plans to acquire a further 30% stake in the company from KKR, which bought 80% of X-Elio from the family in 2015. KKR will continue to hold the remaining 50% of X-Elio.

Brookfield, KKR and X-Elio declined to comment. A spokesman for the Ribera family did not respond to a request for comment.

Slumping installation costs and widespread political support have stoked investor interest in solar power, even as governments start cutting the once-rich pickings to be found through building subsidized plants.

Most of X-Elio's more than 78 solar plants and almost half its staff are located outside Spain.

The International Energy Agency has called for more investment globally in low-carbon energy, which was stable last year at about $620 billion.

In Spain, the acting government of Prime Minister Pedro Sanchez has outlined ambitious plans to boost renewable generation, including a five-fold increase in solar photovoltaic generation by 2030.

(Reporting by Isla Binnie; Editing by Kirsten Donovan)

By Andrés González and Isla Binnie


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD ASSET MANAGEMENT INC. -0.13% 61.8 Delayed Quote.16.70%
DOW JONES AFRICA TITANS 50 INDEX -0.13% 528.23 Delayed Quote.-0.39%
FIRST SOLAR, INC. 2.31% 80.19 Delayed Quote.-18.93%
GESTAMP AUTOMOCIÓN, S.A. -0.26% 4.528 Delayed Quote.14.75%
KKR & CO. INC. 1.37% 59.36 Delayed Quote.46.60%
S&P AFRICA 40 INDEX 0.75% 170.62 Delayed Quote.-1.99%
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Financials (USD)
Sales 2021 36 454 M - -
Net income 2021 4 114 M - -
Net Debt 2021 132 B - -
P/E ratio 2021 -251x
Yield 2021 0,99%
Capitalization 76 022 M 76 115 M -
EV / Sales 2021 5,70x
EV / Sales 2022 7,60x
Nbr of Employees 150 000
Free-Float 83,9%
Chart BROOKFIELD ASSET MANAGEMENT INC.
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Technical analysis trends BROOKFIELD ASSET MANAGEMENT INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 50,21 $
Average target price 52,08 $
Spread / Average Target 3,72%
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Managers and Directors
NameTitle
James Bruce Flatt Chief Executive Officer & Director
Nicholas Goodman Chief Financial Officer & Senior Managing Partner
Frank J. McKenna Chairman
Dominic Dodds Managing Director-Technology
Lori A. Pearson Chief Operating Officer & Senior Managing Partner
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