Swedish PE firm to take over Germany’s Tion Renewables

March 27 (SeeNews) - Swedish private equity firm EQT AB (STO:EQT) has agreed to acquire a majority stake in German wind and solar energy company Tion Renewables AG (ETR:TION) with a plan to subsequently take the business private.

The transaction values Tion at EUR 31.61 per share, or at EUR 150 million (USD 161.5m) in total equity terms, EQT said in a statement on Friday.

The private equity firm, through its EQT Active Core Infrastructure SCSp, will buy a 71.7% stake from investment firm Pelion Green Future Alpha GmbH, plus 10.4% more through separate share purchase agreements. Pelion will be reinvesting to own an indirect minority stake upon completion.

Tion Renewables operates a portfolio of utility-scale solar, wind and battery storage assets across the EU and in the UK with a capacity of 167 MW and benefits from a development pipeline of additional solar, wind and battery storage projects.

(EUR 1 = USD 1.076)