Adani Green to acquire SB Energy India for $625 mn
NEW DELHI : Adani Green Energy Ltd has agreed to buy Japan’s SoftBank Group Corp. and Bharti Enterprises Ltd’s solar power unit SB Energy Holdings Ltd for an equity value of around $625 million, said two people aware of the development.
The deal, which has an enterprise value of around $3.5 billion, follows the collapse of an earlier plan to sell SoftBank’s entire 80% stake in SB Energy to Canada Pension Plan Investment Board (CPPIB). India’s Bharti Global Ltd holds the remaining 20% stake.
The three parties on Wednesday signed share purchase agreements for the transaction, according to a statement issued jointly by Adani Green, SoftBank and Bharti. The deal is expected to be completed by August after receipt of regulatory and other approvals.
