On May 30, 2024, Brookfield Asset Management Ltd. entered into exclusive talks to acquire a 53.32 percent stake in French renewable energy provider Neoen, valuing the company’s shares at $9 billion (€6.1 billion). The offer, priced at $59.07 (€39.85) per share, represented a 26.9 percent premium over Neoen’s last closing price.

The acquisition targeted shares held by entities including Jacques Veyrat’s Impala SAS, the Fonds Stratégique de Participations (FSP), and an investment vehicle owned by Neoen’s chairman and CEO, Xavier Barbaro. Funding was led by Brookfield’s subsidiary, Brookfield Renewable, with co-investors such as Temasek Holdings Ltd. of Singapore.

The deal was contingent on employee consultation and regulatory approvals, expected by the fourth quarter of the year. If successful, Brookfield planned an all-cash tender offer to buy the remaining shares and convertible bonds in Neoen, aiming to take the company private by the first quarter of 2025.

Clifford Chance LLP served as Brookfield’s legal counsel, while Bredin Prat advised Neoen. Financial advice was provided by BNP Paribas and Société Générale for Brookfield, and Bank of America for Neoen. Neoen’s board engaged Finexsi as an independent expert to assess the deal.

Brookfield aimed to finance the acquisition through its Brookfield Global Transition Fund II, led by Connor Teskey and Mark Carney. Brookfield Renewable planned to invest up to $741 million (€500 million) in the acquisition. The acquisition was set to expand Brookfield’s presence in Europe and Australia, enhancing its renewable energy portfolio to meet rising corporate demand.