Estonian energy company Eesti Energia AS said on March 27, 2025 it plans to kick off a voluntary takeover bid for the shares it does not already own in renewables developer Enefit Green AS (TLSE:EGR1T), aiming to build a stake of at least 90%. Government-owned Eesti Energia intends to make a bid of EUR 3.4 (USD 3.67) per share, representing a 27% premium over the average market price of Enefit Green?s shares for the past three months. Subject to being authorised by the Estonian Financial Supervision and Resolution Authority (EFSA), the EUR 200 million offer will start on April 8 and close on May 12.
The settlement is scheduled for May 16. With the move, Eesti Energia seeks to become a unified and strong entity. ?By merging the production capacities of dispatchable generation and renewables, we can offer more competitive electricity pricing, increase profitability, and restore investment capacity," said Andrus Durejko, chairman of the management board of Eesti Energia.
Enefit Green has over 1.1 GW of installed capacity in Estonia, Latvia, Lithuania, Poland, and Finland, according to its website. Provided that Eesti Energia acquires at least 90% of all Enefit Green shares during the voluntary takeover bid, the remaining stock will be acquired in exchange for monetary compensation. In conjunction with the takeover offer, upon closing Eesti Energia also plans to initiate a public bondsale among retail investors.
The bonds will be traded on the Baltic stock exchange.
