Brookfield Acquires Majority Stake in Neoen with Tender Agreement from Bpifrance

On June 24, 2024, Brookfield signed a share purchase agreement to acquire 53.12% of the outstanding shares of Neoen from Impala and other shareholders, at 39.85 euros per share. This follows the completion of Neoen's works council information and consultation process.

Simultaneously, Brookfield entered a tender agreement with Bpifrance, which will tender its 4.36% stake in Neoen in the upcoming tender offer by Brookfield after the completion of the Block Acquisition. This agreement was initially announced on May 30, 2024.

The Block Acquisition is subject to customary regulatory approvals, including antitrust and foreign investments clearances, expected by Q4 2024. Post acquisition, Brookfield plans to file an all-cash mandatory tender offer in Q1 2025 for the remaining shares and convertible bonds in Neoen, with the intention of implementing a squeeze out.