Infigen Energy (Infigen) is an ASX listed, Australian based developer, owner and operator of renewable energy assets with one of the largest renewable energy fleets in Australia.
On 3 June 2020, UAC Energy Holdings Pty Ltd (UAC) (which is indirectly majority owned by Philippines listed Ayala Corporation) made an unsolicited off-market takeover bid for Infigen at $0.80 per Infigen stapled security. On 17 June 2020, Iberdrola Renewables Australia Pty Limited (Iberdrola) entered into a bid implementation agreement with Infigen to make an off-market takeover bid for Infigen at $0.86 per Infigen stapled security. Iberdrola is a Spanish utility listed in Spain and on the NYSE which is regarded as a world leader in renewable energy. Since then, UAC has increased its offer price to $0.86 per Infigen stapled security and Iberdrola has increased its offer price to $0.89 per Infigen stapled security.
The Iberdrola offer values Infigen at an enterprise value of approximately $1.33 billion based on the current Iberdrola offer price.
G+T’s market-leading M&A/Corporate Advisory team are advising on all aspects of the transaction. The G+T team is led by Corporate Advisory partners John Williamson-Noble and Tim Gordon with support from lawyers Mary Brady, Chris Morse, David Konstantopoulos and Thomas Kannan.
John Williamson-Noble said: “We are delighted to assist our client Infigen on this transaction. Our significant M&A expertise and strategic input is helping Infigen pursue the best outcomes possible for its security holders and we look forward to providing further advice as the transaction evolves.”
Tim Gordon said: “Infigen’s Board and management have shown real foresight in building a utility of the future through diversified renewable generators supported by fast-start firming assets which allows Infigen to provide customers with firm supplies of clean energy with more than 95% renewable generation while managing intermittency issues and minimising associated costs. The interest shown in Infigen from the bidders is evidence of the quality of its business.”
Gilbert + Tobin’s market-leading M&A/Corporate Advisory team regularly advises on many of Australia’s largest and most innovative transactions, including advising AB InBev on the $16 billion sale of Carlton & United Breweries to Asahi (the largest M&A transaction last year), KKR’s proposed acquisition of a majority interest in Colonial First State, GrainCorp on its successful defence of the $3.3 billion approach by Long-Term Asset Partners and its subsequent ASX demerger of United Malt and Tilt Renewables on the $1.073 billion sale of the 270 MW Snowtown 2 wind farm (Australia’s 2nd largest windfarm).