Smarttia Spain and Alazady España, the largest shareholders of Spain’s Greenalia, have launched a delisting takeover bid for the company. The approximate amount of the transaction is €52.3m.
Greenalia’s CEO, Manuel García, and its chairman, José María Castellano, launched a delisting takeover bid for €17.5 per share in cash to acquire the 13.59% of the company they do not control, which values the renewables group at €388 million, according to the company, which is listed on BME Growth.
The price offered by García, who controls 81.2% of the capital of the company he founded through the company Smarttia, and Castellano, who owns 5.2% through Alazady España, thus being the largest shareholders of the group, represents a premium of 8% over the closing price of the group’s shares last Monday.
Greenalia’s maximum shareholders launch a delisting takeover bid for the company.
In 2021, Greenalia posted a net profit of €12 million, compared to a loss of €0.5 million in the previous year. The renewables group’s turnover grew by 78% in 2021, to €76.5 million , while gross operating profit (Ebitda) reached €38.6 million, a 251% increase. Greenalia currently has six projects in operation, with an installed capacity of 125 megawatts (MW), at a total capacity of 125 MW and 1,000 MW under development.
Uría Menñéndez advised Greenalia with a Capital Markets team led by partner Gabriel Núñez Fernández, senior associate Álvaro López Hernández and associate Manuel Suero Roiz.