Ventient Energy Sàrl enter into a Quota Sale and Purchase Agreement to acquire Portugal Renewable Energy from CK Infrastructure Holdings Limited (SEHK:1038) and Power Assets Holdings Limited (SEHK:6) on August 17, 2020. Under the terms of agreement, purchase price payable and the assignment of the Shareholder's Contributions was determined after arm's length negotiations between the CK Infrastructure, Power Assets and the Ventient Energy with reference to the Target Group's audited accounts as at 31 December 2019. CK Infrastructure and Power Assets need to meet its financial obligation upto 50% of consideration. Interest shall accrue on the purchase price from January 1, 2020 to the date of closing. Pursuant to the Quota Sale and Purchase Agreement, CKI and PAH delivered to the Purchaser the Seller Support Letters on the same date.
Closing of the Transaction will be conditional upon satisfaction of the following conditions: (i) the Portuguese Competition Authority approving the Transaction; and (ii) waivers from certain financing banks of the Target Group having been obtained. Save as otherwise agreed by the parties, closing shall take place on the tenth Business Day, following the date of satisfaction of the last of the conditions precedent. If the above conditions are not satisfied by three months after the date of the Quota Sale and Purchase Agreement that is November 17, 2020, the Seller or the Purchaser may terminate the Quota Sale and Purchase Agreement. The proceeds from the Transaction will further strengthen CKI's and PAH's respective financial capabilities for new investment opportunities. Barclays PLC acted as legal advisor to CK Infrastructure and Power Assets Holdings. Francisco Santos Costa, Duarte Abecasis, LourenÃ§o Vilhena de Freitas, Sara Quaresma, Manuel Requicha Ferreira, Telma Carvalho, Miguel Lencastre Monteiro, JoÃ£o Sequeira Sena, Margarida Leal Oliveira, Ana Sofia Silva and GonÃ§alo Nogueira of Cuatrecasas, Gonçalves Pereira, S.L.P. acted as a legal advisor to Ventient Energy Sàrl.
Ventient Energy Europe Finco SARL completed the acquisition of Portugal Renewable Energy-PTRW, Unipessoal Lda from CK Infrastructure Holdings Limited (SEHK:1038) and Power Assets Holdings Limited (SEHK:6) on October 8, 2020.