EQT Infrastructure VI offers to acquire OX2 AB (publ)

The USD 16,351 million public offer by EQT Infrastructure VI for Swedish renewable energy developer OX2 AB (publ) represents a direct play for a substantial European and Australian development pipeline. EQT, through its Otello BidCo AB vehicle, is targeting full control of a company with a 33.7 GW portfolio spanning wind, solar, and energy storage projects. This acquisition provides EQT Infrastructure VI with immediate access to a diversified project pipeline, aligning with its strategy of acquiring and developing infrastructure assets. The deal structure, a public offer for all shares, suggests a clear intent by EQT Infrastructure VI to integrate OX2 AB's development capabilities into its broader investment strategy. This move allows EQT Infrastructure VI to capture value across the entire renewable energy value chain, from project acquisition to greenfield development, as described in OX2's operational focus. OX2 AB (publ), as the target, brings a significant operational footprint with SEK 7,990 million in 2023 revenues and its extensive 33.7 GW development portfolio across Europe and Australia. This makes OX2 AB a compelling target for EQT Infrastructure VI, a fund specifically focused on control or co-control equity investments in infrastructure assets. EQT's acquisition of OX2 AB provides the global investment organization with a substantial platform to accelerate its renewable energy deployment, leveraging OX2's expertise in onshore wind, offshore wind, solar power, and energy storage projects. The transaction, announced on May 13, 2024, further consolidates the renewable energy development sector in Europe, with a major financial sponsor taking direct ownership of a leading developer. This deal reflects continued private capital interest in acquiring established renewable energy development capabilities to secure future project pipelines in Sweden and beyond.