Oaktree Capital to acquire Spanish wind developer Eolia

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Oaktree Capital to acquire Spanish wind developer Eolia

Oaktree Capital has submitted a €1 billion bid to acquire Spanish renewables developer Eeolia Renovables. The Board of directors of Eolia will decide whether they accept the proposal this Friday.

According to sources, Oaktree won the process by having a better bid than Cerberus and Blackstone. 

Bank of America Merrill Lynch is advising Eolia in the sale process, after the developed had failed twice to sell the company.

The transaction values the equity of the company at around €300 million, given that its debt add up around €700 million.

Eolia had conversations in 2012 to sell the company to First Reserve but the parties reached an agreement.

Eolia, which had an Ebitda of 85.8 million in 2014, has around 150 shareholders. Local investors and local banks form the majority of shareholders.

In July 2015, KKR reached a definitive agreement to acquire from Gestamp Renewables an 80% stake in Madrid - based Gestamp Asetym Solar, S.L., a premier global solar PV developer and operator. 

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