Brookfield announces successful completion of the tender offer for Neoen, with mandatory squeeze-out to follow
Brookfield Asset Management has successfully completed its tender offer for Neoen, a leading renewable energy producer. Following the offer period from February 13 to March 13, 2025, Brookfield Renewable Holdings and its partners will hold 158,568,130 shares, representing 97.73% of Neoen's share capital and voting rights.
The acquisition also includes 100% of remaining OCEANEs 2020 convertible bonds and 95.76% of OCEANEs 2022. Given these conditions, Brookfield will initiate a squeeze-out procedure for the remaining shares at €39.85 per share and €103,562.50 per OCEANE 2022 bond.
Neoen, founded in 2008, operates nearly 200 renewable energy assets across four continents, with 8.9 GW capacity in operation or under construction. The company aims to reach 10 GW capacity during 2025. Trading of Neoen's shares and OCEANEs has been suspended pending the squeeze-out implementation, with settlement-delivery scheduled for March 24, 2025.
Brookfield Asset Management ha completato con successo la sua offerta pubblica di acquisto per Neoen, un produttore leader di energia rinnovabile. Dopo il periodo di offerta dal 13 febbraio al 13 marzo 2025, Brookfield Renewable Holdings e i suoi partner deterranno 158.568.130 azioni, che rappresentano il 97,73% del capitale sociale e dei diritti di voto di Neoen.
L'acquisizione include anche il 100% delle obbligazioni convertibili OCEANEs 2020 rimanenti e il 95,76% delle OCEANEs 2022. Date queste condizioni, Brookfield avvierà una procedura di squeeze-out per le azioni rimanenti a €39,85 per azione e €103.562,50 per obbligazione OCEANE 2022.
Neoen, fondata nel 2008, gestisce quasi 200 attivi di energia rinnovabile su quattro continenti, con una capacità di 8,9 GW in operazione o in costruzione. L'azienda mira a raggiungere una capacità di 10 GW entro il 2025. La negoziazione delle azioni di Neoen e delle OCEANEs è stata sospesa in attesa dell'implementazione dello squeeze-out, con la consegna prevista per il 24 marzo 2025.
Brookfield Asset Management ha completado con éxito su oferta pública de adquisición para Neoen, un productor líder de energía renovable. Después del período de oferta del 13 de febrero al 13 de marzo de 2025, Brookfield Renewable Holdings y sus socios poseerán 158.568.130 acciones, lo que representa el 97,73% del capital social y los derechos de voto de Neoen.
La adquisición también incluye el 100% de los bonos convertibles OCEANEs 2020 restantes y el 95,76% de los OCEANEs 2022. Dadas estas condiciones, Brookfield iniciará un procedimiento de squeeze-out para las acciones restantes a €39,85 por acción y €103.562,50 por bono OCEANE 2022.
Neoen, fundada en 2008, opera casi 200 activos de energía renovable en cuatro continentes, con una capacidad de 8,9 GW en operación o en construcción. La empresa tiene como objetivo alcanzar una capacidad de 10 GW durante 2025. La negociación de las acciones de Neoen y de los OCEANEs ha sido suspendida a la espera de la implementación del squeeze-out, con la entrega programada para el 24 de marzo de 2025.
브룩필드 자산 관리는 네오엔에 대한 공개 매수를 성공적으로 완료했습니다. 2025년 2월 13일부터 3월 13일까지의 매수 기간 후, 브룩필드 재생 가능 에너지 홀딩스와 그 파트너들은 158,568,130주의 주식을 보유하게 되며, 이는 네오엔의 자본금과 의결권의 97.73%를 차지합니다.
이번 인수에는 남아 있는 2020년 OCEANEs 전환사채의 100%와 2022년 OCEANEs의 95.76%도 포함됩니다. 이러한 조건을 감안할 때, 브룩필드는 남은 주식에 대해 주당 €39.85, 2022년 OCEANE 채권에 대해 €103,562.50의 squeeze-out 절차를 시작할 것입니다.
2008년에 설립된 네오엔은 4개 대륙에서 거의 200개의 재생 가능 에너지 자산을 운영하며, 8.9 GW의 용량을 운영 중이거나 건설 중입니다. 이 회사는 2025년까지 10 GW의 용량을 달성할 목표를 가지고 있습니다. 네오엔의 주식 및 OCEANEs 거래는 squeeze-out 구현을 기다리는 동안 중단되었으며, 정산 및 인도는 2025년 3월 24일로 예정되어 있습니다.
Brookfield Asset Management a réussi à finaliser son offre publique d'achat pour Neoen, un producteur leader d'énergie renouvelable. Suite à la période d'offre du 13 février au 13 mars 2025, Brookfield Renewable Holdings et ses partenaires détiendront 158.568.130 actions, représentant 97,73% du capital social et des droits de vote de Neoen.
L'acquisition comprend également 100% des obligations convertibles OCEANEs 2020 restantes et 95,76% des OCEANEs 2022. Compte tenu de ces conditions, Brookfield initiera une procédure de squeeze-out pour les actions restantes à 39,85 € par action et 103.562,50 € par obligation OCEANE 2022.
Neoen, fondée en 2008, gère près de 200 actifs d'énergie renouvelable sur quatre continents, avec une capacité de 8,9 GW en exploitation ou en construction. L'entreprise vise à atteindre une capacité de 10 GW d'ici 2025. La négociation des actions de Neoen et des OCEANEs a été suspendue en attendant la mise en œuvre du squeeze-out, avec une livraison prévue pour le 24 mars 2025.
Brookfield Asset Management hat erfolgreich sein Übernahmeangebot für Neoen, einen führenden Anbieter von erneuerbarer Energie, abgeschlossen. Nach dem Angebotszeitraum vom 13. Februar bis zum 13. März 2025 werden Brookfield Renewable Holdings und seine Partner 158.568.130 Aktien halten, was 97,73% des Grundkapitals und der Stimmrechte von Neoen entspricht.
Die Übernahme umfasst auch 100% der verbleibenden OCEANEs 2020 Wandelanleihen und 95,76% der OCEANEs 2022. Unter diesen Bedingungen wird Brookfield ein Squeeze-out-Verfahren für die verbleibenden Aktien zu einem Preis von 39,85 € pro Aktie und 103.562,50 € pro OCEANE 2022-Anleihe einleiten.
Neoen, gegründet im Jahr 2008, betreibt nahezu 200 Anlagen für erneuerbare Energien auf vier Kontinenten mit einer Kapazität von 8,9 GW, die in Betrieb oder im Bau sind. Das Unternehmen hat sich zum Ziel gesetzt, bis 2025 eine Kapazität von 10 GW zu erreichen. Der Handel mit den Aktien von Neoen und den OCEANEs wurde ausgesetzt, während die Umsetzung des Squeeze-outs abgewartet wird, wobei die Abwicklung für den 24. März 2025 geplant ist.
- Successful acquisition securing 97.73% ownership enables streamlined decision-making
- Complete control through squeeze-out procedure eliminates minority shareholder considerations
- Strong renewable energy portfolio with 8.9 GW capacity and clear growth target of 10 GW by 2025
- Geographic diversification with 200 assets across four continents
- Trading suspension of Neoen shares may temporarily affect liquidity
- Remaining minority shareholders forced to sell at predetermined price
Insights
Brookfield's successful completion of the tender offer for Neoen represents a significant acquisition in the renewable energy space, with Brookfield now controlling
This transaction gives Brookfield control of Neoen's impressive 8.9 GW renewable energy portfolio spanning four continents with approximately 200 assets. Notable assets include Western Downs Green Power Hub (Australia's largest solar farm at 460 MWp with 212 MW/424 MWh battery), Collie Battery (219 MW/877 MWh storage system), France's most powerful solar farm (300 MWp), and Finland's largest wind farm (404 MW).
The acquisition aligns with Brookfield's strategic expansion in the renewable energy sector, providing immediate scale across multiple technologies (solar, wind, and battery storage) and geographic markets. For Brookfield shareholders, this represents meaningful portfolio expansion with established operational assets and development capabilities.
The transaction timeline shows this completes a process that began in December 2024 when Brookfield became the majority owner, followed by the simplified cash tender offer in January 2025. The completion of this acquisition demonstrates Brookfield's commitment to deploying capital in established renewable platforms with operational expertise and diversified assets.
This acquisition positions Brookfield as an increasingly dominant player in the global renewable energy landscape. By acquiring Neoen, Brookfield gains a technically diversified portfolio with complementary technologies: solar, wind, and importantly, substantial battery storage assets - including some of the world's largest battery systems.
The technical significance of Neoen's portfolio lies in its balanced approach to renewable generation and storage. Their flagship assets include both generation (like the 460 MWp Western Downs solar farm) and substantial storage capabilities (like the 219 MW/877 MWh Collie Battery). This generation-plus-storage approach represents the cutting edge of renewable energy deployment strategy.
Particularly noteworthy is Neoen's execution capability, having quadrupled its operational capacity in just six years to reach 8.9 GW. This demonstrates not just asset ownership but proven ability to develop and scale complex renewable energy projects across diverse regulatory environments and four continents.
For the competitive landscape, this consolidation signals continued institutional capital flow toward established renewable platforms with proven development capabilities rather than early-stage developers. The transaction demonstrates the premium value placed on companies that have successfully navigated the complex development, financing, and operational challenges in the renewable space while building scale across multiple technologies and markets.
Paris, March 19, 2025 (GLOBE NEWSWIRE) -- Brookfield announces successful completion of the tender offer for Neoen, with mandatory squeeze-out to follow
TORONTO AND PARIS, 19 March 2025 - Brookfield Renewable Holdings, the vehicle created by Brookfield Asset Management for the purpose of the acquisition of Neoen, and its concert parties1 announce the successful closure of the mandatory simplified cash tender offer (the “Offer”) for all Neoen shares (ISIN code: FR0011675362, Ticker: NEOEN), and convertible bonds issued by Neoen in 2020 (ISIN code: FR0013515707) (the "OCEANEs 2020") and in 2022 (ISIN code: FR001400CMS2) (the "OCEANEs 2022" and, together with the OCEANEs 2020, the "OCEANEs") not previously held by them.
Following the Offer period, which ran from 13 February to 13 March 2025, Brookfield Renewable Holdings and its concert parties will hold, following the settlement-delivery of the Offer, 158,568,130 shares2 - representing a total aggregated holding of
The conditions to implement a squeeze-out procedure on Neoen's shares and OCEANEs 20225 being met, and in accordance with the intent expressed in the offer document, Brookfield Renewable Holdings will request that the French financial markets authority (the "AMF") initiates the squeeze-out procedure for the remaining shares and OCEANEs 2022 at their respective Offer price, net of costs and fees, namely:
Xavier Barbaro, chairman and chief executive officer of Neoen, stated: "We wish to express our sincere gratitude to all our shareholders for their trust and support. The success of this offer is an important milestone in our company’s history. With this new shareholding structure, Neoen can now, more than ever, cement its position as a leading player in its field."
Ignacio Paz-Ares, Managing Partner and Deputy Chief Investment Officer in Brookfield’s Renewable Power & Transition Group added: “We are delighted to announce the successful completion of this landmark transaction. We remain committed to advancing investments in the renewable energy sector and working with the team at Neoen to accelerate the growth of the business."
The notice of the Offer results (avis de résultat) published by the AMF on 19 March 2025 is available on the AMF website (www.amf-france.org). The settlement-delivery of the Offer is scheduled for 24 March 2025.
Trading on Neoen's shares and OCEANEs has been suspended pending implementation of the squeeze-out procedure.
All Offer-related documentation is available on the websites of Neoen (www.neoen.com), Brookfield Renewable Holdings (www.neoen-offer-brookfield.com), and the AMF (www.amf-france.org).
Contact Information:
Neoen
Investor Relations Fabrice Baron (Media)
ir@neoen.com +33 6 14 08 29 81
fabrice.baron@omnicomprgroup.com
Brookfield
John Hamlin (Media) Alex Jackson (Investors)
+44 204 557 4334 +1 416 649 8196
john.hamlin@brookfield.com alexander.jackson@brookfield.com
Aurélia de Lapeyrouse
+33 6 21 06 40 33
adelapeyrouse@brunswickgroup.com
Neoen
Founded in 2008, Neoen is one of the world’s leading independent producers of exclusively renewable energy, with expertise in power generation – solar and onshore wind power – and battery energy storage. Neoen plays an active role in accelerating the energy transition of the countries where it operates by delivering clean, competitively-priced local energy. Neoen is a high-growth company: its capacity in operation or under construction has quadrupled over the last six years, and now stands at 8.9 GW, with the ambition to reach 10 GW during 2025.
Neoen operates close to 200 assets across four continents. Its flagships include Western Downs Green Power Hub in Australia, comprised of the largest solar farm in the country (460 MWp) and Western Downs Battery (212 MW / 424 MWh); Collie Battery (219 MW / 877 MWh) one of the world’s most powerful large-scale storage systems; France’s most powerful solar farm (300 MWp) in Cestas; and Finland’s largest wind farm (404 MW) in Mutkalampi.
Neoen is listed in Compartment A of Euronext’s market in Paris (ISIN code: FR0011675362, Ticker: NEOEN). Since 27 December 2024, Neoen is majority-owned by Brookfield Renewable Holdings, which filed in January 2025 a simplified cash tender offer for the remaining Neoen shares and OCEANEs.
For more information: www.neoen.com
About Brookfield Asset Management and Brookfield Renewable
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over
Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.
DISCLAIMER
This document relates to the mandatory simplified cash tender offer filed by Brookfield Renewable Holdings for Neoen's shares and convertible bonds (OCEANEs) approved by the French financial markets authority (Autorité des marchés financiers, the "AMF") on 11 February 2025 (the “Offer”).
The Offer was not made in any jurisdiction where it would not be permitted under applicable law.
The Offer has not been subject to any application for registration or approval by any financial market regulatory authority other than the AMF and no measures will be taken in this respect. No document relating to the Offer constitutes an offer to sell or acquire financial instruments or a solicitation of such an offer in any jurisdiction in which such an offer or solicitation would be unlawful, could not validly be made, or would require the publication of a prospectus or the completion of any other formality under local financial law.
The Offer was made in the United States of America in accordance with Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended, (the "U.S. Exchange Act") the rules and regulations promulgated thereunder, including Regulation 14E after application of the exemptions provided by Rule 14d-1(d) of the U.S Exchange Act (the "Tier II" exemption) and the requirements of French law.
1 Brookfield Asset Management, Brookfield Corporation (and their respective affiliates), and Aranda Investments Pte Ltd (controlled by Temasek), Mr. Xavier Barbaro (directly and indirectly through Cartusia, Equinox, Kampen, Hilaris and Palancia), and Mr. Romain Desrousseaux (directly and indirectly through Planpincieux) are acting in concert through Brookfield Renewable Holdings towards Neoen.
2 Including 9,253,018 shares allocated to Brookfield Renewable Holdings after the effective conversion on 11 March 2025 of 2,776,857 OCEANEs 2020 and 2,363 OCEANEs 2022.
3 Including treasury shares and based on Neoen's share capital at 10 March 2025, comprising 162,245,065 shares representing the same number of theoretical voting rights.
4 See AMF notice 225C0518 dated 19 March 2025.
5 As
6 The amount of the Offer price per OCEANE 2022 is
FAQ
What is the price per share offered in Brookfield's squeeze-out of Neoen (BAM)?
What percentage of Neoen shares will Brookfield own after the tender offer completion?
When will the settlement-delivery of Brookfield's tender offer for Neoen be completed?
What is Neoen's current operational capacity and 2025 target?
How many convertible bonds (OCEANEs) did Brookfield acquire in the tender offer?
