Hamburg-based solar and wind park operator Capital Stage decided to launch a voluntary public takeover offer in the form of an exchange offer to the shareholders of Munich-based Chorus Clean Energy for all their share capital.
Article continues below
The combined company represents one of the largest independent operators of solar and wind parks in Germany with a total capacity of more than 900 MW. The corporate headquarter of Capital Stage remains in Hamburg.
With a joint capacity of more than 900 MW, the combined company will have a leading position as an independent operator of solar and wind parks. The takeover enables Capital Stage to take an active role in the consolidation of the industry and creates the basis for further growth.
The business combination improves the positioning for new acquisitions and the entry into new geographical regions in- and outside of Europe, for example North America. Together, the companies have already today a strong positioning in their core markets Germany, Italy and France, which are complemented by further projects in the UK, Austria and Finland.
In addition, the joint company benefits from a diversified mix of wind (26% of current total capacity) and solar capacity (74% of current total capacity). With a share of more than 50% of total capacity, Germany remains the largest and most important market for the combined entity.
The technical management of Chorus’ projects shall be transferred to Capital Stage. Furthermore, Capital Stage will contribute its long-standing experience in the field of renewable energy to further strengthen the asset management business for institutional investors.
Based on a combined market capitalisation of more than EUR 800 million (on the basis of the XETRA closing prices of May 27, 2016), the combined company will be one of the largest publicly traded solar and wind project operators in Europe.
The position of the combined business in the SDAX will be further strengthened and enables access to new investor groups as well as attractive alternative financing for future growth.
Based on the volume-weighted average price of Capital Stage over the last three months before the announcement of EUR 6.91 per share, the exchange ratio implies a valuation of Chorus of EUR 11.52 per share.
This represents a premium of 36% to the volume-weighted average price of the Chorus share over the last three months prior the exchange offer announcement of EUR 8.47 per share. ■