KKR Launches €1.2 Billion Bid for Portugal Energy Firm Greenvolt
- Gamma Lux fund is offering €8.30 per share for Greenvolt
- Offer values Greenvolt at an 11% premium from closing price
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A fund controlled by KKR & Co. has offered to buy Portugal’s Greenvolt-Energias Renovaveis SA for €1.2 billion ($1.3 billion) in an effort to expand its presence in renewable energy.
KKR’s Gamma Lux fund offered €8.30 a share for Greenvolt, an 11% premium on the company’s closing share price on Wednesday. The green energy firm’s stock jumped to the offer price when trading resumed after being suspended by Portugal’s stock market regulator earlier on Thursday.