Ardian Infrastructure and Glennmont Partners completed the acquisition of majority stake in Wind and Solar assets in Italy and Spain from Athena Investments A/S.

Ardian Infrastructure and Glennmont Partners offered to acquire majority stake in Wind and Solar assets in Italy and Spain from Athena Investments A/S (CPSE:ATHENA) for €90.9 million on May 8, 2019. Under the transaction, Ardian Infrastructure will acquire 50% of Monte Grighine wind farm, 100% of Cerveteri solar plant, 100% of Nardò Caputo solar plant, 100% of La Castilleja solar plant and 100% of Conesa wind farm, whereas Glennmont Partners will acquire 100% of the Minerva Messina wind farm. €49.9 million of the total purchase price is payable to Ardian Infrastructure, while the remaining €41 million is payable to Glennmont Partners. The Asset Management Division and corporate items, such as the recent outcome of the Arbitration procedures against Spain and Italy are not part of the transaction. For an aggregated price of €90.9 million, the Share Purchase Agreements provide for a maximum aggregate amount of the overall liability of Athena of €12 million (the "Escrow Amount"), split between Ardian (approximately €8 million) and Glennmont (approximately €4 million). The Escrow Amount will be deposited at closing and will remain deposited at UBS bank into the Escrow Account for a period of 36 months from closing. Should no guarantees be triggered by Ardian nor Glennmont over the period, the amount will be released in favor of Athena. The offers is subject to customary conditions precedent to closing, inter alia, approval from Athena shareholders. The Board of Directors of Athena Investments A/S recommended to the shareholders to vote in favor of the transaction. UniCredit S.p.A. (BIT:UCG) acted as financial advisor and fairness opinion provider to Athena Investments A/S. Ardian Infrastructure and Glennmont Partners completed the acquisition of majority stake in Wind and Solar assets in Italy and Spain from Athena Investments A/S (CPSE:ATHENA) on July 25, 2019. DLA Piper, L&B Partners Avvocati Associati and Studio Tremonti Romagnoli Piccardi e Associati acted as legal advisors in the transaction.