KKR & Co is making a bold move to expand its footprint in the renewable energy sector by bidding €1.2 billion ($1.3 billion) to acquire Greenvolt-Energias Renovaveis SA, a Portuguese renewable energy company.
KKR’s offer of €8.30 per share represents an impressive 11% premium compared to Greenvolt’s closing share price on Wednesday.
Following the announcement, trading was temporarily halted by Portugal’s stock market regulator before resuming and seeing the stock rise to match the offer price.
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