EQT Infrastructure V fund, managed by EQT Partners AB completed the acquisition of Solarpack Corporacion Tecnologica, S.A. from a group of shareholders.
The offer will be conditional upon reaching a minimum acceptance level of 75% plus one share, as well as receipt of Spanish antitrust authorities' approval. Transaction is subject to applicable regulatory approval and corporate consents and formalities. If the offeror does not reach 75% and waives the minimum acceptance condition, it will analyze the convenience of keeping Solarpack's shares listed or promoting the formulation of an exclusion offer.
As on July 7, 2021, The National Securities Market Commission (CNMV) approved the transaction. As of July 27, 2021, Solarpack's board of directors has approved the constitution of the monitoring committee for the public offer for the acquisition of shares (OPA) formulated by Veleta BidCo, an investment vehicle of the EQT group. Beraunberri, Burgest 2007 and Landa LLC have irrevocably committed to accept the offer in relation to a total of 16.9 million shares, together representing approximately 50.96% of Solarpack's capital. As of September 28, 2021, Council of Ministers have approved the transaction. As of October 27, 2021, Spanish securities market regulator CNMV approved the transaction. As of November 5, 2021, the board of directors of Solarpack Corporacion Tecnologica approved the transaction by unanimous vote. The Ibex technical advisory committee has decided to exclude Solarpack from the Ibex Small Cap from Monday, November 22, due to the Public Acquisition Offer (OPA) formulated by Veleta, an investment vehicle of EQT. Offer will open on October 29, 2021, and will close on November 19, 2021.
Javier Amantegui, Samir Azzouzi, Jaime Almenar, Carme Briera Dalmau and María Begoña Barrantes Díaz of Clifford Chance S.L.P. acted as legal advisors to EQT Partners AB. Credit Suisse Group AG (SWX:CSGN) acted as financial advisor to EQT Partners AB. Juan Aguayo of Cuatrecasas, Gonçalves Pereira, S.L.P. acted as a legal advisor to Beraunberri. J.P. Morgan Espana S.A. acted as financial advisor and fairness opinion provider and; Gabriel Núñez Fernández and Marta Rios Estrella of Uría Menéndez Abogados, S.L.P. as legal advisor to Solarpack Corporacion Tecnologica, S.A. Duff & Phelps, LLC acted as an independent expert to Solarpack Corporacion Tecnologica. Uría Menéndez Abogados, S.L.P. acted as legal advisor to Beraunberri, S.L.
EQT Infrastructure V fund, managed by EQT Partners AB completed the acquisition of Solarpack Corporacion Tecnologica, S.A. (BME:SPK) from a group of shareholders on November 19, 2021. The delisting of Solarpack is expected to take place in the end of December 2021 post the squeeze-out transaction. EQT reserves the right to implement Squeeze-Out proceedings.