EQT’s 1.4 billion euro acquisition of Finnish wind power giant OX2 signals renewed commitment to renewable energy investments

The Wallenberg family-owned equity investment company, EQT, has made a purchase offer for OX2, Finland’s largest wind power builder. OX2 is listed on the Stockholm Stock Exchange and has been supported by the company’s board and largest owner. The offer values OX2 at 60 kroner per share, totaling around 16.4 billion kroner or 1.4 billion euros.

OX2’s founder and largest owner, Peas Industries, has committed to accepting the offer even if a competing bid is made. The purchase offer represents a 40% premium compared to the value of OX2 at the end of last week but is lower than the share price a year ago and at its highest point in August 2022.

EQT was founded in 1994 and is involved in private equity investments. The company’s representatives actively engage in the development and management of the companies they invest in. OX2 has been operating in Finland since 2012 and has built 600 megawatts of onshore wind farms. They have projects under construction and their portfolio also includes offshore wind and solar power developments.

OX2’s turnover in the last year was 7.8 billion kroner, with ongoing projects in several European countries. The acquisition of OX2 by EQT represents a significant move in the renewable energy sector and the Wallenberg family’s expanding business interests.

The acquisition of OX2 by EQT will significantly expand its renewable energy portfolio, which currently comprises over 3 GW of installed capacity across Europe and North America.

EQT plans to use its expertise in private equity to support OX2’s growth strategy, which includes expanding into new markets such as Poland, Sweden, Germany, France, Italy, Spain, Portugal, Turkey, Greece, Denmark and Romania.

The transaction is expected to close during Q3 or Q4 this year subject to regulatory approvals.

This acquisition underscores EQT’s commitment to investing in renewable energy assets that align with its long-term strategy of generating sustainable returns for its investors while contributing positively to society.

Overall, this acquisition represents an exciting opportunity for both companies to further their respective goals in the rapidly growing renewable energy sector.