Solarpack Corporación Tecnológica, S.A.U “Solarpack” has signed a share purchase agreement for the acquisition of 100% of Solaer Holding, S.L “Solaer”. The value of the transaction has not been disclosed. The closing of the acquisition is expected to materialize before year-end and once the customary approvals for this type of transaction are granted.
Through this acquisition, Solarpack complements its own organic growth in Spain and Italy reinforcing its leadership position as a global PV player. Founded in 2006, Solaer has an advanced portfolio of projects of more than 2.8GW in Spain and Italy and a highly-qualified team that complements Solarpack’s skills with the goal of accelerating the ambitious growth plan of the group.
Pablo Burgos, CEO of Solarpack stated: “This is a transformational move for Solarpack to lead the consolidation of the sector in Spain and reinforce our position as a sizeable global player with the support of our shareholders”. Regarding Solaer, Burgos highlighted that “It is a reference player in the industry with a solid track record and a high-quality team. The acquisition brings together two companies tightly aligned and should result in major opportunities to grow, not only in Spain and Italy but also in other geographies.”
Ignacio Arganza, CEO of Solaer commented “The combination of Solaer with a large player is a natural step in the life of the business to address the huge opportunity in the renewable arena. We have chosen the right partner given Solarpack’s credibility in the market, its ambitions to lead the consolidation in the sector, and the strategic fit with Solaer.”
The transaction is fully financed with funds provided by Solarpack’s shareholders. CaixaBank, Linklaters, KPMG and DNV have acted as advisors to Solarpack. Nomura and Ramón y Cajal have acted as advisors to Solaer.
RyC team advising Solaer was led by partners Antonio de Mariano and Javier Beltrán, partners in Commercial Procurement, specialising in Energy; together with the Competition team.
Linklaters’ team advising Solarpack was led by partner Esteban Arza, managing associate Jorge Toral, and associate Alina Martiniva, who counted on the support of lawyers Sergio García, Ernesto Morell, and María Vallejo.