JMB Energie Group agreed to buy a 65.3 percent stake in Aerowatt (ALWAT), a French developer of wind and solar power projects, from its three largest shareholders in a deal that values the company at 36 million euros ($44 million).
Demeter Partners, Omnes Capital and Viveris Management SAS agreed to sell shares for 18 euros apiece, according to a statement on Saran-based Aerowatt’s website today. Based on the total number of Aerowatt shares outstanding, the company would be worth 36 million euros, according to a Bloomberg calculation.
The transaction requires approval from Aerowatt’s banks by Sept. 14, the company said in the statement. Closely held JMB, which also develops alternative-energy projects, then will be allowed to make an offer for the remaining shares.
Aerowatt rose 0.8 percent to 17.23 euros at the close in Paris. The shares have gained 38 percent this year.
Aerowatt operates wind projects capable of generating 113 megawatts and solar farms that can produce 21 megawatts, according to its website.
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