FRANKFURT (Reuters) -ABO Energy has mandated private bank Metzler to advise it on a deal that could see the German renewables firm’s founders cede control to an outside investor, a spokesperson for the company said on Tuesday.
ABO Energy, which builds solar and wind farms, on Friday said that it wanted to also become an operator of renewable energy assets, adding it was in discussions with potential investors and that talks could include a capital increase.
As a result, a possible deal could result in the families of the group’s two founders reducing their combined stake to less than 25% from 52% currently, and also reverse a change in its legal form that was carried out last year, it said.
ABO Energy, which has a development pipeline of 34 gigawatts and is also 10%-owned by utility Mainova, is currently valued at around 329 million euro ($386 million).
Activist investor and ABO Energy shareholder Enkraft last year sought to appoint a special auditor to examine whether the company informed shareholders too late about the legal form change, which effectively consolidated power among its main owners.
Enkraft said that the application was still with the Frankfurt district court and had not yet been decided upon.
($1 = 0.8524 euros)
(Reporting by Christoph SteitzEditing by Madeline Chambers)
