(new: statements from talks with management, share price, analysts)

HAMBURG (dpa-AFX) - The US financial investor KKR wants to take over the Hamburg-based wind and solar park operator Encavis. A consortium led by KKR is offering Encavis shareholders 17.50 euros per share, the company announced on Thursday morning. The family-owned company Viessmann is also involved as a co-investor. The Encavis share jumped by a quarter. The offer values the Hamburg-based company at a good 2.8 billion euros in total.

KKR has reached binding agreements with Encavis' anchor shareholders, who hold almost a third of the company, it was also reported. According to the announcement, the Encavis management bodies have approved the investor agreement and are in favor of the offer.

At a recent price of EUR 16.87, the share was quoted just below the proposed takeover price. Before the first reports of possible interest in buying the company emerged, the share price stood at 11.35 euros.

The price offered represents a premium of 54 percent for Encavis investors compared to the closing price on March 5. The following day, the Hamburg-based company confirmed negotiations regarding a possible takeover by the US financial investor. The Bloomberg news agency had previously reported on the existing buying interest.

Viessmann will hold 25.1 percent of Encavis, Boris Scukanec Hopinski, who is responsible for operations in the family-owned company's management team, told the financial news agency dpa-AFX on Thursday. Founded in 1917, the Hessian heating manufacturer sold its air conditioning division to US competitor Carrier Global for around 12 billion euros last year. The remaining activities generate an annual turnover of around one billion euros.

Hopinski can well imagine that there will also be cooperation between Encavis and Viessmann beyond the financial commitment: "We think entrepreneurially and also want to be involved in the consortium accordingly," said the manager. "Our portfolio of existing companies will certainly offer one or two points of contact with Encavis in the future."

Abacon will continue to hold around 12.5 percent of Encavis in the future, said senior manager Tobias Krauss in an interview. The asset management company of the Hamburg billionaire Büll family previously held a good quarter of the MDax group. The head of the family, Albert Büll, is considered to be personally connected. He is very happy with the solution that has been found, said Krauss.

According to the press release, the takeover bid for Encavis is subject to a minimum acceptance threshold of a good 54 percent. The target applies taking into account convertible bonds. The transaction is expected to be completed in the fourth quarter of 2024. KKR wants to delist Encavis from the stock exchange.

"We can develop faster as a non-listed company," said Encavis CEO Christoph Husmann. The energy sector has changed. Due to the entry of private equity investors and the increasing involvement of large energy groups in Europe. "We are now only a comparatively small company," said the manager. He considers the decision that has now been taken to be necessary in order to keep pace with the market environment. Husmann promised the employees: "Encavis will remain Encavis - we have been assured of this by our partners."

JPMorgan analyst Martin Comtesse pointed out that this was not the only transaction for KKR in the European energy sector within a few months. In December, the Americans already acquired the British energy infrastructure company Smart Metering Systems Plc and the Portuguese energy company Greenvolt.

"We can expect to become even more active in the renewable energy sector," said KKR manager Vincent Policard in an interview. Alongside digital infrastructure, the sector is one of the main areas in which KKR has been involved for 15 years.

To coincide with the announcement of the offer, Encavis announced preliminary figures for 2023 and an outlook for 2024 and beyond. In the coming years, the portfolio of wind and solar parks is expected to grow faster than previously planned. Generation capacity is expected to reach 7 gigawatts by the end of 2027. Previously, the management had forecast 5.8 gigawatts.

Encavis anticipates a decline in operating profit for the current year, primarily due to lower wholesale electricity prices in a challenging market environment, according to reports. The company is aiming for a slight increase in turnover to 460 million euros in 2024. Of this, more than 300 million is to remain as adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

Last year, Encavis generated earnings of a good 449 million euros. The operating profit amounted to a good 319 million and was therefore around nine percent below the previous year's figure./lew/niw/jha/