Acciona Energia soars in Madrid, catching the eye of major investment funds
According to Cinco Dias and Expansion, Brookfield and KKR are among the investors approached by the Entrecanales family. The deal is also said to be of interest to BlackRock, Blackstone and Norges
(Il Sole 24 Ore Radiocor)- Acciona Energía and its parent company Acciona are soaring on the Madrid Stock Exchange, buoyed by reports in the Spanish press that several major infrastructure funds are preparing to submit bids for the energy subsidiary of the Entrecanales group. According to reports in 'Cinco Dias' and 'Expansion', major infrastructure funds such as Brookfield and KKR are among the investors contacted by the Entrecanales family, which owns the Acciona group and has launched a ‘strategic review’ of its renewable energy subsidiary, with the aim of receiving bids by August so that a decision on Acciona Energía can be made from September onwards. Other names mentioned on the list include BlackRock, Blackstone and Norges. Bids could be submitted jointly or separately. ‘Cinco Dias’ reports that Acciona “is contacting potential buyers for part or all of its renewable energy subsidiary”, which has been listed separately since 2021 and currently has a market capitalisation of around €7 billion. Brookfield and KKR are reportedly considering various options in this regard, the newspaper notes. ‘Expansion’ reports that “Blackstone, Brookfield and KKR are targeting a stake in Acciona Energía” and are forming a consortium to submit non-binding bids in the second half of July. At the end of last February, Acciona CEO José Manuel Entrecanales announced that the company had commissioned a bank to analyse the options for its energy division, Acciona Energía, in which it holds a stake of over 90%. Entrecanales had previously stated that possible alternatives included delisting, a merger or maintaining the status quo. During a conference call, the CEO then clarified that all options remain open.
