PARIS (dpa-AFX) - EQT announced Friday that it has entered into exclusive negotiations for the proposed acquisition of 54.1% of stake in Waga Energy SA, a French producer of renewable natural gas, also called biomethane.
In Paris, Waga Energy shares were surging around 27 percent to trade at 21.55 euros.
The company noted that the initial Price is 21.55 euros per share, which may be increased by an Earn-Out of up to 2.15 euros per share, subject to customary regulatory approvals, including antitrust and foreign investment clearances.
The proposed stake represents 65.9% of the voting rights of Waga Energy.
The proposed Initial Price of 21.55 euros per share for the Block Acquisition and, as applicable, the offer, represents a 27% premium over the last closing price of Waga Energy share.
The acquisition is from founders Mathieu Lefebvre, Guénaël Prince, Nicolas Paget and Holweb SAS 2; as well as historical shareholders Starquest Capital, Tertium, Noria, SWEN Impact Fund for Transition and ALIAD.
EQT intends to request the squeeze-out of the remaining shares and to delist the Company.
Mathieu Lefebvre, CEO and Founder, Waga Energy, said, 'Having successfully become the largest player converting landfill gas to renewable natural gas in Europe, Waga Energy now has a significant opportunity to become a leading player in the U.S. with strong global ambition. The partnership with EQT would unlock significant investment to accelerate our growth, enabling the Company to transform our 16.8 TWh p.a. pipeline both in North America and Europe. We are looking forward to welcoming a long-term infrastructure investor who has deep experience in our sector.'
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