Ayala leads $542m bid for Australia’s Infigen Energy

Bloomberg

Infigen Energy, one of Australia’s biggest wind-farm operators, has received a takeover offer from a group backed by the Philippines’ Ayala Corp valuing the company at A$777 million ($542 million).
The A$0.80-per-share bid from UAC Energy Holdings Pty is at a 36% premium to Infigen’s closing price. UAC, which is 75% controlled by Ayala, has already acquired a 12.8% interest in Infigen. The takeover would be subject to approval by Australia’s Foreign Investment Review Board.
“We have ready access to capital and significant renewable energy expertise that will position us well to support Infigen’s pipeline of projects,” UAC’s Chairman Anton Rohner said in a statement.
UAC already owns a suite of renewable assets in Australia and said its move had the support of Infigen security-holders.
Infigen said that it was considering its response to the proposal, while noting that it was subject to “very detailed conditions.”
Shares in the Sydney-based company surged as much as 37% to A$0.81 on resuming trade on Wednesday.
Infigen has one of the largest fleet of wind assets in Australia and also owns a gas peaking plant in New South Wales and a 25-megawatt big battery at Lake Bonney in South Australia.