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UAC Energy Holdings (“UAC”) today accepted Iberdrola Group’s takeover offer in relation to its 20% interest in the stapled securities of Infigen Energy. UAC, majority-owned by AC Energy, Inc. and part of the Philippine-based Ayala Corporation, had acquired its stake over several months from April to July of this year after seeing an opportunity to invest in Infigen Energy, which is listed on the Australian Stock Exchange (“ASX”) and has nearly 1,000MW of installed capacity. UAC completed its investment in Infigen Energy in July at an average price of approximately $0.794 per stapled security. Earlier today, UAC accepted into the takeover offer of Iberdrola, one of the world’s largest renewable energy companies, for all its securities at $0.92 per stapled security.
Iberdrola has continued to secure significant levels of acceptances and last week achieved a 75% ownership of the company, enabling it to move towards a delisting from the ASX. “With the potential delisting of Infigen, AC Energy has decided to divest its stake in the company. We wish Iberdrola well on its successful acquisition of the platform,” said Patrice Clausse, AC Energy International COO. “Meanwhile AC Energy remain committed to invest in Australia as it moves to ramping up construction of its 720MW New England Solar Farm in the coming months.”