|Apr 20, 2021
SALE OF 60.5% OF ENGIE EPS BY ENGIE TO TCC: ENGIE EPS to become NHOA New HOrizons Ahead with the new Asian partner to consolidate global growth
Paris, 20 April 2021 – ENGIE has announced the signing of a Sale Purchase Agreement with Taiwanese company TCC for its 60.5% stake in the share capital of ENGIE EPS. TCC, with an over $10 billion market capitalization, is one of the pre-eminent industrial groups in Asia, with activities in battery manufacturing, cement production, power generation, environmental services, chemicals, logistics and infrastructures. TCC has been very active in recent years in developing renewable energy and energy storage systems.
The completion of the transaction, executed at Euro 17.10 per share, corresponding to an aggregate consideration of Euro 132 million and an implied Enterprise Value of over Euro 240 million, will be followed, in accordance with applicable regulations, by the filing of an all-cash simplified mandatory tender offer for all outstanding shares of ENGIE EPS. In accordance with the AMF General Regulation, the Board of Directors has formed an ad-hoc committee and will appoint an independent expert and will issue, notably on the basis of the report of the independent expert, a reasoned opinion (avis motivé) on the merits and consequences of the tender offer for ENGIE EPS, its shareholders and its employees. ENGIE EPS is assisted by Lazard.
Following the transaction, which is subject to customary approvals and regulatory consent, ENGIE confirmed it will pursue commercial partnerships with ENGIE EPS.
Upon completion of the transaction, expected during the summer of 2021, ENGIE EPS will become NHOA.
Carlalberto Guglielminotti, Chief Executive Officer of ENGIE Eps declares “this acquisition by a leading, visionary industrial group like TCC, represents the ultimate recognition of our world-class technology leadership and a transformational opportunity to consolidate our growth globally. It will give us instant access to a world leading supply chain and to the Asian markets, as well as the financial breadth to credibly position as a global leader in the turnkey delivery of energy storage systems and a global enabler of the eMobility revolution. More importantly, with TCC we share the mission, which inspired our new brand NHOA, to shape a better future for a next generation living in harmony with our planet”.
Roberto Di Stefano, Chief Executive Officer of Free2Move eSolutions, the Joint Venture between ENGIE EPS and Stellantis, declared “We welcome TCC which represents an unparalleled opportunity to support the electric mobility transition in Asia, the most advanced e-mobility market worldwide”.
“Together we will make a difference to the world and the Earth” said Nelson Chang, Chairman of the Board of TCC, commenting the announced acquisition and creation of the new brand NHOA.
New HOrizons Ahead: this is NHOA. A new brand that represents the enlightened and sustainable future backed by TCC, and the mission to unlock the global transition towards clean energy and sustainable mobility.
To seal a global vision built on heritage within our core values, NHOA takes its inspiration from Noah, the founder of a renewed humanity. The underline in the new logo represents the horizon, and the “omega”, symbolizing in the Ohm’s law the electrical resistance, inspires a rising sun: the dawn of a new era.
The website www.nhoa.energy has already been launched and, upon closing of the transaction, will become the new corporate website of the company.
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The investor conference call is scheduled on 20 April 2021 at 8:00am CET, the dial-in details and the presentation will be available on ENGIE EPS’ corporate website: engie-eps.com/events