Galp Energia, SGPS, S.A. (ENXTLS:GALP) signed an initial agreement to acquire photovoltaic portfolio from ACS Servicios Comunicaciones y Energía, S.L. for enterprise value of €2.2 billion related with the acquisition, development and construction of the entire portfolio on January 3, 2020. As of January 22, 2020, Galp Energia, SGPS, S.A. (ENXTLS:GALP) signed an agreement to acquire photovoltaic portfolio from ACS Servicios Comunicaciones y Energía, S.L. for €880 million. At that time, Galp is expected to make a payment of €450 million and to assume liabilities amounting to €430 million from the project finance for solar plants under operation. As of July 27, 2020, the share purchase agreement, recently been amended to establish new terms and conditions for the acquisition, including the setting up of a joint venture under which Galp acquires 75.01% and ACS Group maintains a stake of 24.99%. The transaction concerns the sale of photovoltaic energy projects in Spain with a total installed capacity of 3,000 megawatts. Galp is expected to pay an amount of €300-350 million at closing for the stake acquisition and previous development costs. The final value will be determined in the complete formalization of the sales agreement , which is expected to occur during this month of January. The transaction is subject to certain usual conditions and is expected to close in the second quarter of 2020. As of July 27, 2020, the amended share purchase agreement includes conditions precedent customary for this type of transaction, including competition approval from the European Commission. The transaction is expected to be completed before the year end. SG Corporate & Investment Banking acted as financial advisor to ACS. J.P. Morgan Espana S.A. acted as financial advisor to ACS Servicios, Comunicaciones y Energía, S.L.