EQT Infrastructure V fund, managed by EQT Partners AB made an offer to acquire Solarpack Corporacion Tecnologica, S.A. (BME:SPK) from a group of shareholders for approximately €880 million on June 15, 2021. Under the terms, EQT made this offer for 33.3 million shares of Solarpack at €26.5 per share in cash. Offeror will pay the consideration through own funds without resorting to external financing. In case of termination, the non-breaching party shall be entitled to obtain from the breaching party a penalty for an aggregate amount of €5 million. Pablo Burgos Galíndez to remain as Chief Executive Officer of Solarpack following settlement of the Takeover. Offeror does not intend to make changes to the employment conditions of the employees and officers of Solarpack and of the companies of its group, and that it intends to maintain existing job positions for the next 12 months. Offeror intends to seek the delisting of the Solarpack's shares after the close of the Offer from Barcelona, Bilbao, Madrid and Valencia Stock Exchanges. The Offeror does not intend to substantially change the nature of Solarpack's current activities or to change the location of its centres of activity within the 12 months following settlement of the Takeover. In particular, the Offeror intends for Solarpack's registered office to remain in Spain.

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.