11:36 AM EDT, 03/14/2024 (MT Newswires) -- KKR (KKR) said Thursday it has signed an investment agreement with Encavis as part of a takeover offer for the German renewable energy platform and independent power producer.

As part of the deal, KKR said Blitz 21-823 will launch a takeover offer for Encavis at 17.50 euros ($19.07) per share, representing a 54% premium to the company's March 5 closing price, when Encavis confirmed talks of a potential deal with KKR, the firm said.

Viessmann Group will invest as shareholder in a KKR-led group, while Abacon Capital and other shareholders have agreed to sell roughly 18% and roll-over 13% of Encavis shares, KKR said.

Closing is expected in Q4, the firm said.

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