COX Energy initiates Abengoa acquisition process

Cox Energy, the first solar photovoltaic energy company listed in BIVA and BME Growth in Spain, informed its shareholders that the Board of Directors approved the beginning of the analysis, study and negotiation process for the possible acquisition of 100 percent of the shares of the Spanish company CA Infraestructuras, known as Abengoa Energía.Cox Energy detailed that the Spanish company has a consolidated net worth of more than 60 million euros and an expected net profit of approximately 50 million euros for this 2023.According to the information shared by CA, Cox Abengoa was the only one left out of the acquisition process carried out last July, when it acquired the infrastructure and solar energy area, as well as other autonomous units of this company.The companies controlled and operated by CA Infraestructuras include: Abengoa Bioenergía Brasil, a company that operates a 70 megawatt bioethanol cogeneration plant, and Abener Algeria, a company that operates a hybrid combined cycle plant with solar thermal technology in that nation, for power generation with a capacity of 150 megawatts.It added that the transaction for the issuer to acquire, integrate or consolidate under its perimeter 100 percent of the shares of the company, CA Infraestructuras through any of its Spanish subsidiaries, will only become effective after all the corporate, regulatory, administrative and necessary formalities or legal approvals have been fulfilled.The company clarified that the process is in its initial stage and with pending deadlines to be defined, so it remains confidential according to the agreement between the parties, and as the different processes and requirements necessary for the execution of the operation or operations are met, they will be communicated to the market in due time and form.PNMO