Adani Green to acquire SB Energy
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 signed on Wednesday share purchase agreements for the transaction, according to a statement issued jointly by Adani Green, SoftBank and Bharti.
