Germany’s PNE receives take-private offer from Morgan Stanley

The takeover of Frankfurt-listed PNE would cost Morgan Stanley close to €300m from its third fund, based on its current offer.

Morgan Stanley Infrastructure Partners has submitted a bid worth up to €291 million for German wind developer PNE in what could be the first investment from the group’s third global infrastructure fund.

Frankfurt-listed PNE informed the market this week that the firm’s North Haven Infrastructure Partners III had submitted a takeover offer of between €3.50 and €3.80 per share, indicating a price between €268 million and €290.9 million.

Some 73 percent of PNE’s shares are held in free float, with the remainder owned by five investment firms. It recorded an EBITDA for the first half of this year of €18 million.

PNE has been listed in Germany since 1998, although its international wind development activity is the main driver of its growth today, with expansion in European markets such as Poland and Sweden, as well as offshore developments in the US and a recently opened office in Panama.

The move by Morgan Stanley would be its second takeover of a listed German company in recent times following its acquisition of rail logistics group VTG, which was completed earlier this year, despite an initial rejection of an offer last year.

A deal for PNE would also be the first known dea secured by NHIP III, which was launched this year as a successor to the $3.6 billion raised by Morgan Stanley for NHIP II in 2016. Commitments to NHIP III include $100 million by Fubon Life Insurance and $60 million by Taiwan Life Insurance.