08:10 AM EDT, 05/30/2024 (MT Newswires) -- Brookfield (BAM.TO) began exclusive negotiations to buy a majority stake in Neoen, a renewable energy developer headquartered in France.

Brookfield and partners, including Brookfield Renewable (BEP-UN.TO) and Singapore investment company Temasek Holdings, will acquire 53% of Neoen from investment holding company Impala and other shareholders at 39.85 euros per share. Following the block acquisition, Brookfield Renewable Holdings will file a mandatory cash tender offer for Neoen's remaining shares and outstanding convertible bonds at the same price.

The deal values all of Neoen at 6.1 billion euros. Brookfield is paying a 27% premium over Neoen's last closing share price.

Regulatory approvals are expected to be obtained by the fourth quarter and the tender offer will be launched early next year.

Neoen is a lobal renewables developer with an 8,000 megawatt portfolio of wind, solar and storage assets in operation or under construction alongside a 20,000 megawatts advanced pipeline of development projects, located in Australia, France and the Nordics. Neoen also has significant expertise in battery storage technology, which will become an increasingly important part of the energy mix going forward, Brookfield said.