Equity firm makes €1.4 billion bid for Swedish wind developer OX2

OX2 has almost 2.8GW of installed wind capacity, according to Windpower Intelligence, and divested 49% of its Swedish offshore wind portfolio to Ikea owner Ingka Group in November. 

On Monday (13 May), EQT Infrastructure VI said it had submitted a cash offer through Otello BidCo to buy OX2 for around €1.4 billion, paying SEK 60 (€5.12) per share for the company – more than 43% higher than the firm’s market price per share on Friday. 

The independent bid committee on OX2’s board of directors unanimously recommended that shareholders accept the deal. 

“To unlock OX2’s full potential, we believe it would benefit from a transition to a more long-term, sustainable business model and becoming an integrated renewables developer and asset owner,” it said. 

OX2 shares soared on news of the offer, rising to SEK 58.65 (€5.01) at on Monday morning from their previous close at SEK 41.84 (€​​3.57) on Friday afternoon. 

OX2 and Ingka Group are expanding their joint offshore wind portfolio at present and recently received a Natura 2000 environmental permit for one of the world’s largest wind energy projects — the 5500MW Aurora (OX2) wind farm currently being developed in the Swedish Baltic Sea.