Infrastructure India Plc. is acquiring Indian Energy Plc. in an all-stock deal valued at £7.9 million or US $13 million.
Indian Energy Plc owns and operates 41.3 Mw across two wind farms.
The deal ensures that the shareholders of Indian Energy will get 8.07 per cent stake in Infrastructure India Plc., which is backed by Guggenheim Global Infrastructure. The stake also represents shares being issued to a lender of Indian Energy, Utilico, who owed the company £2.7 million or $4.43 million. Infrastructure India Plc. has got approval of 27 per cent of the shareholders of Indian Energy for the transaction.
Indian Energy has been looking for a financial or strategic investor for some time now.
The deal for Infrastructure India Plc. comes after it has recently acquired stakes in two Guggenheim Partners-backed Indian companies – India Hydropower Development Company and Vikram Logistic & Maritime Services.
“The offer will give Indian Energy’s shareholders an interest in a larger, more diversified portfolio, in the fast-growing Indian infrastructure segment,” said John Wallinger, chairman of Indian Energy.
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