Brookfield is in talks to purchase the French renewable energy company Neoen

TORONTO — Brookfield is in talks to acquire a majority stake in a French development company dealing with renewable energy Neoenwith plans to buy out the remaining shares in the company if a deal can be reached.

Plan driven by Brookfield Global Transformation Fund values Neoenwhich has renewable energy projects under construction around the world for approx $9 billion.

The Canadian company says it is in exclusive negotiations with Impala, the Fonds Stratégique de Participations managed by ISALT, Cartusia and Xavier Barbaraand other shareholders to acquire 53.32% of the shares Neoen in price 39.85 euros per share.

Brookfield says that, subject to completion of the acquisition, it will make an all-cash offer for the company’s remaining shares and outstanding convertible notes Neoen.

The transaction is subject to customary regulatory approvals, including antitrust and foreign investment permits.

Brookfield Global Transformation Fund is managed by Brookfield Asset Management. Brookfield’s institutional partners on the proposal are Brookfield Renewable and Singapore Temasek.

This report was first published by The Canadian Press May 30, 2024.

Companies in this story: (TSX:BAM, TSX:BEP.UN, TSX:BEPC)