IIF closes Falck Renewables investment – reNews

JP Morgan-advised investment vehicle Infrastructure Investments Fund (IIF) has completed the acquisition of Falck’s entire stake in Falck Renewables.

The fund has purchased the stake, equal to 60% of Falck Renewables’ share capital, following a sale and purchase agreement entered into on 19 October 2021.

As a result of the transaction’s closing, IIF’s Green Bidco vehicle will launch a mandatory cash tender offer on Falck Renewables’ remaining share capital.

Green Bidco also intends to launch a cash tender offer on a convertible bond tomorrow.

In addition, Enrico Falck, executive chairman of the board of directors of Falck Renewables, and member of the Sustainable Strategy Committee, as well as Federico Falck, Filippo Marchi and Guido Corbetta, non-executive and non-independent directors, have resigned with immediate effect.

The board has appointed Olov Mikael Kramer, John Hoskins Foster, Mark Alan Walters and Sneha Sinha as new directors.

Kramer has been appointed executive chairman of the board of directors of Falck Renewables and new member and chairman of the Sustainable Strategy Committee, and Hoskins Foster as vice chairman.

Toni Volpe will continue to act as Falck Renewables’ CEO.

The newly appointed directors will remain in office until the next shareholders’ meeting scheduled on 28 April 2022.

Volpe said: “The acquisition is a huge sign of confidence in Falck Renewables and recognition of the hard work of all our employees worldwide over the last few years.

“The support of IIF will be invaluable to delivering our long-term strategy of increased growth, allowing us to generate more energy from renewable sources, benefitting local communities, supply chains and economies, while helping our clients become more sustainable through the use of innovative technologies.”

Matthew LeBlanc, chief investment officer for IIF, said: “We are delighted to reach this important milestone in the acquisition of Falck Renewables and we look forward to working with Toni Volpe and the management team to support the company’s growth strategy for the benefit of consumers, communities and broader long-term stakeholders”.