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Schroders to buy £358m majority stake in renewable investor Greencoat

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Schroders has agreed to buy a majority stake in Greencoat Capital (Philip Toscano/PA) (PA Archive)
Schroders has agreed to buy a majority stake in Greencoat Capital (Philip Toscano/PA) (PA Archive)

Asset management giant Schroders has struck a £358 million deal to take control of renewable investor Greencoat Capital.

The FTSE 100 firm saw shares lift higher on Tuesday morning after it told shareholders it had reached an agreement to acquire a 75% stake in Greencoat.

Greencoat is one of Europe’s largest renewable infrastructure managers, with £6.7 billion worth of assets under its management at the end of last month.

Schroders said it has a shared ambition to be a global leader in the green investment sector.

It added that the deal will “significantly enhance” Greencoat’s growth and offering to clients, as well as boosting its distribution reach and management experience.

Greencoat is a market-leading, high growth business, with an outstanding management team, which provides access to a large and fast-growing market in high demand among our clients

Peter Harrison, Schroders chief executive

Greencoat will become part of the group’s private markets division, Schroders Capital, and will be known as Schroders Greencoat.

Peter Harrison, group chief executive of Schroders, said: “We are pleased to welcome the Greencoat team to Schroders.

“Greencoat is a market-leading, high growth business, with an outstanding management team, which provides access to a large and fast-growing market in high demand among our clients.

“Its culture is an excellent fit with ours and Greencoat’s focus aligns very closely to our strategy, continuing our approach of adding capabilities in the most attractive growth segments we can provide to our clients.

“We have demonstrated our ability to integrate acquisitions successfully, to generate growth and create significant value for our shareholders.”

Richard Nourse, founder of Greencoat, said: “We are all delighted to have found a partner in Schroders who sees the potential of our business and believes deeply in our mission to build a global leader in renewables investing.

“We are extremely proud of what the brilliant team at Greencoat has together achieved, creating a market-leading renewables asset management firm in the UK and Ireland a strong platform in Europe and an important expansion into the US.”

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