Investment firm EQT, through its vehicle Otello BidCo AB, has successfully completed its recommended public offer for OX2 AB, acquiring approximately 98.81% of the Swedish renewable energy company’s shares and votes.
The offer, announced on May 13, 2024, was for 100% of OX2’s shares at a price of 60 Swedish crowns per share. By the end of the extended acceptance period on October 7, 2024, Otello BidCo controlled 269,282,357 shares in OX2. Settlement for shares tendered during this period is expected to commence around October 16, 2024.
OX2 has applied for delisting from Nasdaq Stockholm, with the process anticipated to be completed by October 21, 2024.
Founded in 2004 and headquartered in Stockholm, OX2 is a renewable energy platform with a diverse portfolio that includes onshore and offshore wind, solar, and energy storage projects. The company operates in 11 European markets and expanded into Australia in 2023. OX2 has established a strong track record in development, construction, and management within the renewable energy sector.
EQT plans to support OX2 in transitioning from a pure developer to an integrated renewables developer and asset owner, while maintaining its capability to sell projects. The investment firm intends to leverage its experience in the renewables sector to aid in OX2’s transformation and provide additional investment for the company’s project pipeline.
With this transaction, the EQT Infrastructure VI fund is expected to be 45-50% invested based on its target fund size, including closed or signed investments and announced public offers, subject to customary regulatory approvals.