India’s ReNew Energy Global agreed in principle to an improved buyout offer from a consortium led by Masdar, an Abu Dhabi Invest Authority subsidiary, the Canada Pension Plan Investment Board (CPP Investments), and ReNew founder and CEO Sumant Sinha, according to a filing with the US Securities and Exchange Commission (SEC).

Background: The consortium — which collectively owns around 64% of ReNew — first made its move late last year as part of a plan to take the company private and inject fresh capital into India’s fast-growing renewable energy sector. ReNew operates a 10.3 GW portfolio of solar, wind, hydro, and hybrid projects across India, making it the country’s second-largest clean energy generator after Adani Green.

The sweetened offer: The consortium raised its proposed allcash offer to USD 8.15 per share, up 15.3% from the USD 7.07 per share offer made in December 2024. The revised price represents a 28.5% premium to ReNew’s closing share price of USD 6.34 on 10 December 2024 — the last trading day before the initial offer was made public — and a 41.5% premium to the company’s 30-day volume-weighted average price of USD 5.76, the filing said. The initial offer had valued the company at USD 2.82 bn, Reuters had said at the time.

The board backs the offer: A special committee of ReNew’s board, advised by Rothschild & Co and Linklaters, said it would unanimously recommend that shareholders vote in favor of the transaction should a final binding offer be made on these terms, according to the SEC filing. Japan’s JERA Nex, which owns about 11.6% of ReNew’s issued share capital and 25.7% of shares not already held by the consortium, has also indicated that it is minded to support the offer, pending satisfaction with final terms and documentation, the SEC filing said.

Market reax: Renew Energy’s shares closed down 1.8% yesterday.

IN OTHER ADIA NEWS-

Adia trims another portion of its stake in Galderma: The Abu Dhabi Investment Authority (Adia), Swedish private equity firm EQT, and Singapore’s Auba Investment, offloaded an additional 8.4% stake in Swiss skincare firm Galderma through a block trade worth CHF 2.6 bn (USD 3.3 bn), Investors In Healthcare reports. The selldown marks the latest in a series of share sales by the fund and Galderma’s pre-IPO investors, with the current size of their stakes remaining unclear.

The details: The group offloaded around 20 mn shares at CHF 130 apiece, marking a 6.9% reduction to Monday’s closing price, Bloomberg reports, citing terms it has seen. Despite the sale, Galderma shares traded at about CHF 138 the following day.

BACKGROUND- Galderma repurchased 2.38 mn of its shares from the same consortium in May at CHF 97.75 apiece for a total amount of CHF 232.5 mn (USD 281.2 mn) as part of an accelerated bookbuild, Investors In Healthcare reported elsewhere. The consortium previously divested a 6.3% stake in the Swiss firm in March, by which time their stake was reduced to 50%, and another USD 1.2 bn stake back in September 2024 after it had initially sold off a 10% stake in August.

The divestment comes amid robust performance: Galderma’s shares have surged over 160% since their March 2024 debut, ranking among Europe’s best-performing IPOs. The company recently reported a 22% y-o-y jump in net sales in 3Q 2025 to USD 1.3 bn.

ADVISORS- Morgan Stanley, Goldman Sachs Group, UBS Group AG, Bank of America, Citigroup, and Jefferies Financial Group acted as bookrunners on the transaction.

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