Funds managed by US investment firm Kohlberg Kravis Roberts (KKR) have agreed to sell a 33.33% stake in Acciona Energía Internacional (AEI), according to a 10 April Acciona press release.
The funds KKR Global Infrastructure Investors I and II will sell their stake in the AEI, which manages Acciona’s 52-asset, 2.3 GW renewable generation portfolio outside of Spain, to Acciona and AXA Investment Managers – Real Assets (AXA IM) for an undisclosed amount.
The two funds acquired their 33.33% stake for EUR 417m (USD 523.36m) in October 2014, when Acciona created AEI.
At the start of 2019, KKR hired co-advisors Astris Finance, Credit Suisse and Lazard to sound out potential suitors in a deal code-named Project Alexandra, Inframation’s sister publication SparkSpread reported.
The 2020 transaction will see Acciona raise its stake in AEI to 80% from 66.67% and AXA IM take a 20% stake holding. However, Acciona intends to sell a further 5% stake in AEI as it only requires a minimum of 75% ownership for the subsidiary company to qualify as part of its Spanish Tax Consolidation Group.