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Transaction aids renewable energy aims

NIBE has agreed a deal to acquire 31% of the shares in Swiss firm Schulthess Group AG.

The manufacturer has also tabled a recommended voluntary public tender offer to acquire all the remaining shares.

As a result of the agreement, which will be presented in Zurich on Wednesday, a leading European firm with heat pump technology, renewable energy equipment and a strong market presence will be created.

NIBE’s offer values the total equity of the firm at CHF 638 million, and will be paid in 60% cash and 40% in new NIBE B shares.

The board of directors at Schulthess has already recommended the deal, while NIBE is expected to apply for a secondary listing of the B shares on the SIX Swiss Exchange.

Gerteric Lindquist, CEO of NIBE, said: “This transaction is definitely NIBE’s largest to date, and I am convinced that it will be very successful.

“The transaction between Schulthess and NIBE represents a strategic match and is well in line with our long-term strategy in the evolving sustainable energy solutions markets in Continental Europe. It is also pleasing that both businesses share the same entrepreneurial tradition, market experience and technological vision.”