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JPMorgan-advised IIF gets 95% of Italy's Falck Renewables

Reuters
·1-min read

MILAN (Reuters) - Infrastructure Investment Fund (IIF), a fund advised by JPMorgan, on Tuesday completed its takeover of Falck Renewables by securing more than 95% of the Italian green energy group following a buyout offer.

IIF had bought a 60% stake in Falck Renewables from the eponymous family of steel magnates, paying 8.81 euros a share. It had gone on to launch a buyout offer at the same price on the remaining 40%, offering a 29% premium on the average price of the stock over the previous three months.

The tender offer ended on Tuesday handing IIF's investment vehicle Green Bid 79.55% of the shares targeted by the bid, a statement by Italy's Borsa Italiana showed.

(Reporting by Giulia Segreti and Gianluca Semeraro, editing by Valentina Za)