Aker ASA

Aker Horizons Acquires Mainstream Renewable Power to Create a Renewable Energy Major - Seite 2

"We are delighted to have such a highly respected business as Aker Horizons on board, enabling Mainstream to materially accelerate its growth plans to deliver a global portfolio of wind and solar assets. We plan to bring 5.5 GW of renewable assets to financial close globally by 2023, which sets us firmly on track to becoming one of the world's first pure-play renewable energy majors," says Mary Quaney, Chief Executive Officer of Mainstream Renewable Power.

In addition to the acquisition of Mainstream, Aker Horizons has ambitious investment targets and is currently in the process of preparing for a near-term private placement and a listing on Euronext Growth (the "IPO") with a subsequent transfer of the listing to Oslo Børs within 12 months.

ABG Sundal Collier, DNB Markets, a part of DNB Bank ASA, Nordea Bank Abp's Norway branch and Pareto Securities AS have been engaged to assist on the potential IPO of Aker Horizons which is subject to inter alia market conditions and investor feedback. Advokatfirmaet BAHR acts as legal advisor for the potential IPO.

Transaction highlights

• Aker Horizons agrees to acquire 75 percent of Mainstream Renewable Power for a total consideration on a 100 percent basis of EUR 900 million, subject to customary adjustments
• Existing Mainstream shareholders, led by founder and chairman Dr. Eddie O'Connor, will re-invest and retain 25 percent ownership. Dr. O'Connor will continue as Chairman of the Board of Directors of Mainstream after completion of the Transaction. Kjell Inge Røkke, Øyvind Eriksen and Kristian Røkke will become board members.  
• The agreement includes an additional earn-out payment in 2023 of up to EUR 100 million to selling shareholders based on meeting certain milestones
• As part of the Transaction, Aker Horizons will acquire 50 percent of superconducting technology company SuperNode
• The Transaction is expected to close in Q2 2021, subject to customary closing conditions, including regulatory approvals, as well as approvals from Mainstream's creditors

DNB Markets, a part of DNB Bank ASA, Nordea Bank Abp's Norway branch and Green Giraffe act as financial advisors to Aker Horizons in the Transaction. Advokatfirmaet BAHR and Slaughter & May act as legal advisors in the Transaction.