Brookfield Seals The Deal: Snags Major Stake In French Powerhouse Neoen
Portfolio Pulse from Lekha Gupta
Brookfield Asset Management Ltd. (NYSE:BAM) has signed a share purchase agreement to acquire a majority stake in France's Neoen. The deal, valued at EUR 6.1 billion, involves acquiring approximately 53.12% of Neoen's shares at EUR 39.85 per share. Brookfield has also entered into a tender agreement with Bpifrance for an additional 4.36% stake. The acquisition is subject to regulatory approvals, expected by Q4 2024, with a tender offer to follow in Q1 2025. BAM shares are up 0.68% premarket.
June 25, 2024 | 1:03 pm
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Brookfield Asset Management Ltd. (NYSE:BAM) has signed a share purchase agreement to acquire a majority stake in France's Neoen for EUR 6.1 billion. The deal is subject to regulatory approvals expected by Q4 2024, with a tender offer to follow in Q1 2025. BAM shares are up 0.68% premarket.
The acquisition of a majority stake in Neoen is a significant move for Brookfield Asset Management, likely to positively impact its stock price in the short term. The premarket increase of 0.68% indicates investor confidence. Regulatory approvals and the subsequent tender offer are key milestones to watch.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Brookfield Renewable Partners (NYSE:BEP) is involved in the acquisition of a majority stake in France's Neoen through a special purpose vehicle. The deal is valued at EUR 6.1 billion and is subject to regulatory approvals expected by Q4 2024, with a tender offer to follow in Q1 2025.
Brookfield Renewable Partners' involvement in the acquisition of Neoen is likely to have a positive impact on its stock price. The deal aligns with BEP's focus on renewable energy, and the regulatory approvals and tender offer are important factors to monitor.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70