{"id":96144,"date":"2024-09-25T00:00:00","date_gmt":"2024-09-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/masdar-snaps-up-another-spanish-renewables-firm\/"},"modified":"2024-09-25T00:00:00","modified_gmt":"2024-09-25T00:00:00","slug":"masdar-snaps-up-another-spanish-renewables-firm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/25\/masdar-snaps-up-another-spanish-renewables-firm\/","title":{"rendered":"Masdar snaps up another Spanish renewables firm"},"content":{"rendered":"

Masdar agrees to buy Saeta from Brookfield: <\/strong>State-owned renewables giant Masdar is set to acquire Spanish renewable energy firm Saeta Yield<\/a> from Canada-based investment firm Brookfield<\/a> for USD 1.4 bn, according to a press release (pdf)<\/a>. The agreement is expected to close by the end of the year, pending approvals.<\/p>\n

What does Masdar get?<\/strong> The transaction includes 745 MW of predominantly wind assets \u2014 including 538 MW in Spain and 144 MW in Portugal \u2014 as well as 63 MW of solar assets in Spain. Masdar will also receive a 1.6 GW development pipeline, while Brookfield retains 350 MW of concentrated solar power assets. <\/p>\n

The acquisition has been in the works for a while: <\/strong>Masdar was set to submit a final bid to acquire Brookfield\u2019s Saeta Yield earlier in July<\/a>. <\/p>\n

Who\u2019s Saeta Yield?<\/strong> The renewables firm, which Brookfield acquired from ACS for EUR 1 bn<\/a> in 2018, owns a portfolio of 28 wind farms, 10 photovoltaic parks, and seven solar thermal plants across Spain and Portugal with a total capacity of 1.2 GW. <\/p>\n

Not Masdar\u2019s first major acquisition in Spain: <\/strong>The company agreed to acquire<\/a> a c.50% stake in Spanish power firm Endesa\u2019s solar power installations subsidiary EPGE Solar for AED 3.3 bn (c. EUR 818 mn) back in July. The acquisition will make Masdar a partner in 2.5 GW of renewable energy assets in Spain with the transaction set to close in 4Q 2024. Masdar also operates a 1.2 GW solar plant in the Castilla La Mancha region of Spain.<\/p>\n

ADVISORS- <\/strong>Brookfield, which started the sale process<\/a> last December, had tapped Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Group and Santander Bank to advise on the transaction.<\/p>\n

OTHER M&A NEWS- <\/p>\n

A<\/strong>sset managers BlackStone and Vista, as part of a consortium including the Abu Dhabi <\/strong>Investment Authority, are acquiring software provider Smartsheet for USD 8.4 bn <\/strong>in one of the year\u2019s biggest take-private transactions, Bloomberg<\/a> reports, citing a US Securities and Exchange Commission filing. It\u2019s not clear how much Adia invested as part of the consortium, but the transaction is set to wrap by end of January. <\/p>\n

The details: <\/strong>Smartsheet will still have a 45-day go-shop period to solicit and negotiate alternative bids. The acquisition price represents a premium of approximately 41% to Smartsheet\u2019s volume-weighted average closing price for the 90 days before 17 July, its last trading day before reports of a sale. <\/p>\n

ADVISORS- <\/strong>Qatalyst Partners is acting as exclusive financial adviser to Smartsheet, while Goldman Sachs and Morgan Stanley are advisors to Blackstone and Vista Equity Partners. <\/p>\n","protected":false},"excerpt":{"rendered":"

The agreement is expected to close by late 2024<\/p>\n","protected":false},"author":1,"featured_media":96145,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[7,1342,60,171,211],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-investment","tag-ma-watch","tag-masdar","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"ca60036d-b07f-402b-aa92-52960f124b04","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1452.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar acquires Spanish renewables firm Saeta Yield","related_issue":[96137],"teaser":"The agreement is expected to close by late 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.d281987f-d095-462e-ab03-f21464ef8c1a.mp3"},"yoast_head":"\nMasdar snaps up another Spanish renewables firm - 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