The actions of Action and of Activate Energy They lead the rise in the Ibex after learning that several investment funds are preparing to bid for the energy subsidiary of the Entrecanales family group. Acciona has revalued around 7% at this time, while Acciona Energía’s increases are around 8%. According to ‘Cinco Días’ and ‘Expansión’, Brookfield and KKR They would be among the investors contacted and the Entrecanales hope to receive their offers before August to make a decision with Acciona Energía starting next September. Other names that appear on this list are those of BlackRock (GIP), Blackstone either Norgesamong others. According to this information, These offers could be presented in a consortium or separatelywhile the Entrecanales They would value Acciona Energía at around 11,000 million euros (debt included). Likewise, Acciona would soon plan to distribute additional information about the subsidiary’s business and some of its key projects among potential buyers. The news continues to state that all options are still open regarding the future of Acciona Energía. Among the possibilities is the entry of a shareholder with a minority or controlling stake or a total sale, without ruling out that the situation remains unchanged. It should be remembered that a purchase of less than 30% of the shares would not entail the obligation to launch a takeover bid for all the shares. Banco Sabadell analysts reiterate their advice of ‘underweight’ the shares of Acciona and its subsidiary, to which they give a target price of 228.1 and 221 euros, respectively. According to the experts of the Catalan entity, the news will have a positive impact on the price in the coming days, although they warn that This situation with Acciona Energía «has been going on for more than a year». «The total sale is not our central scenario and the possible request for offers to test the market valuation falls within a normal strategic review process of a subsidiary. In this sense, from our point of view any alternative that would prevent Acciona from continuing to maintain control would be less likely of Acciona Energía (that is, we would rule out a total sale)», they explain. In the scenario of a sale of 30% of the renewable subsidiary at current prices, it would imply for Acciona around 2,100 million euros (around 26% of its net debt) and would leave the leverage ratio at around twice its EBITDA. «If Acciona decided to buy the minority interests and take its participation to 100% (exclusion takeover bid), at current prices it would mean between 630 million euros and 790 million euros with a premium up to the takeover price, which would increase the debt between 8% and 10% and leave the leverage ratio close to 3.2x EBITDA,» says Sabadell.
