Germany

Germany

Morgan Stanley in PNE takeover talks

PNE is in talks with Morgan Stanley Infrastructure Partners (MSIP) about possibilities of co-operation and investment, including a potential takeover offer.

PNE commissioned or started construction on 404MW of wind farms in the first six months of 2019
PNE commissioned or started construction on 404MW of wind farms in the first six months of 2019

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MSIP made an indicative non-binding offer to PNE with a potential takeover offer for all of the company’s outstanding shares.

The offer would value PNE shares in a range of €3.50-3.80 per share — indicating a stock market value of between €268 million and €291 million.

Shares in PNE were up 14.4% at €3.41 on 27 August, after the announcement.

MSIP was having conversations with PNE as advisor of its North Haven Infrastructure Partners III fund (NHIP3), PNE added.

NHIP3 is a closed private equity fund managed by Morgan Stanley Infrastructure.

PNE said "the outcome and timing of conversations are not yet certain", and that any possible transaction would be subject to due diligence and the signing of a transaction agreement.

It added there was no guarantee that the ongoing conversations would lead to a result, or if an offer would be made.

In the first half of the year, PNE more than tripled its operating profit (Ebit) to €12.9 million and reported revenues of €65.6 million, up 130%. It commissioned or started construction on 404MW of wind farms in the first six months of 2019.

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