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EQT lodges $1.5bn takeover bid for OX2

RICHARD HEAP

May 13, 2024

Swedish private equity firm EQT Group has confirmed that it has made a $1.5bn bid to buy Swedish renewable OX2.

OX2 is active in sectors including onshore and offshore wind. EQT added that OX2’s 45.6% majority owner Peas Industries has committed to accept the deal, and that an OX2 independent bid committees has also said shareholders should accept the offer.

EQT has lodged its bid via investment vehicle EQT Infrastructure VI’s Otello BidCo AB.

Otello said its support would enable OX2 to realise its full potential by becoming an integrated owner, operator and developer of assets: “To unlock OX2’s full potential, we believe it would benefit from a transition to a more long-term, sustainable business model and becoming an integrated renewables developer and asset owner.”

The deal relies on enough shareholders accepting the proposal so that Otello BidCo owns more than 50% of all shares.

Read more (EQT statement)

Read more (OX2 statement)