Renta 4 | The company has acquired 100% of the share capital of Navacel Process Industries, a company specialising in the design, manufacture and assembly of metal structures for offshore wind energy in Biscay. The purchase price is €23.8 million and Amper will pay €12 million in cash and the remaining €11.8 million through the issue of new Amper shares to be subscribed by Navacel companies.
The new Amper shares will represent approximately 5% of the share capital and will be issued at a price of €0.15/share.
Navacel will have the right to propose to the AGM the appointment of a proprietary director.The transaction is subject to the approval of the capital increase at the AGM.
Assessment: Positive news. We believe the acquisition of Navacel will enable further vertical integration of its offshore wind division, one of the key segments in Amper’s business plan. As in the deal through which Amper acquired the whole of Elinsa and which it announced in November, Amper chooses an attractive form of financing as it limits the cash outflow to just over 50% of the total (50% in the case of Elinsa) and pays the rest by issuing shares at a price (€0.15/share) very similar to the one we value Amper at. P.O. Under Review (previously €0.16). OVERWEIGHT.
