SunMind signed an agreement to acquire Helios Nordic Energy AB from Magnora ASA (OB:MGN), management of Helios Nordic Energy AB and a few minority investors for approximately ?340 million on May 29, 2024. The current owners of Helios will receive an upfront payment of ?73 million and a substantial earnout component. Magnora holds 40% of the company?s shares prior to the transaction and will receive a corresponding share of upfront payment and earnout payments. For five years after closing, the sellers will benefit from an earnout tied to Helios?s portfolio of unsold projects. The earnout agreement could be worth up to NOK 3 billion (?262.38 million) if the entire portfolio subject to earnout is realized. Magnora will receive an estimated NOK 335 million (?29.3 million) at closing. For five years after closing, the sellers will benefit from an earnout tied to Helios?s portfolio of unsold projects. Helios?s current management will continue to manage and run Helios with an attractive incentive model in addition to the earn-out payments to owners. Closing of the transaction is subject to the buyer receiving FDI approval from the Swedish FDI Authority. The transaction is expected to be finalized in June. Peter Sundgren, Martin E Svanberg, Johan Cederblad, Jolene Reimerson, Mia Falk from Advokatfirman Vinge KB acted as legal advisors to SunMind and VINCI Concessions SA in the transaction.
On July 4, 2024, approval has been received of the buyer receiving FDI approval from the Swedish FDI Authority and parties have agreed to initiate closing. Magnora?s Board has approved the return of NOK 4 per share. This return of capital will be paid on the first practical date after closing the Helios transaction, that is in the middle of July 2024. The excepted closing date is mid-July 2024. Carnegie Investment Bank AB (publ) acted as financial advisor Helios Nordic Energy AB. EY Corporate Finance has advised the owners of Helios, which includes its founders, early stage investors and Magnora ASA (OSE: MGN) in the divestment of 100% of the shares to Vinci Concessions through a competitive M&A process.
SunMind SAS completed the acquisition of Helios Nordic Energy AB from Magnora ASA (OB:MGN), management of Helios Nordic Energy AB and a few minority investors on July 11, 2024. The full upfront payment of ?73 million will be released from escrow and distributed among the sellers without undue delay.