Renewable Energy Developer OX2 Receives Acquisition Bid

Stockholm-based renewable energy developer OX2 is the subject of a purchase offer from investment firm EQT Infrastructure VI.

Through Otello BidCo, EQT Infrastructure VI has extended an offer to OX2 shareholders to buy all their shares for Skr60 or $5.50 each in cash, valuing OX2 at approximately Skr16.35 billion or $1.5 billion.

Peas Industries, OX2’s principal shareholder holding 45.6% of the shares and voting rights, has committed to accepting the bid, even if a higher competing offer emerges.

Additionally, OX2’s independent bid committee on the board of directors has unanimously recommended that shareholders accept this public offer from EQT Infrastructure VI.

The committee pointed out that the price per share is a 43.4% premium over the closing price of SEK 41.8 on May 10, which was the last trading day before the offer's announcement.

The completion of this offer hinges on it being accepted to the extent that Otello BidCo would own over 50% of OX2’s shares, along with the necessary regulatory and governmental approvals.

The acceptance period for the offer is slated to start around June 25 and conclude around October 14.

Otello BidCo has also stated, “[We are] fully supportive of the current management team and safeguards employee positions. There are currently no decisions on any material changes that may impact OX2’s employees and management or the existing organisation and operations, including the terms of employment and locations of the business.”