Ardian, EQT and Norges Withdraw Bids for Acciona Energia

✦ Meridian Analysis

Ardian, EQT and Norges Bank have withdrawn their binding offers for the full equity of Acciona Energía, the renewable‑energy arm of the Spanish construction group. The family Entrecanales, owners of roughly 80 % of the subsidiary through Acciona, had been seeking up to €10 billion for the business, a price that would lift the total transaction value to around €14 billion when the subsidiary’s debt is added. The three private‑equity funds were the final bidders in a competitive process, but cited the sellers’ price expectations and the difficulty of arranging financing for a deal of that size as reasons for stepping back. The sale would have been a full‑ownership carve‑out, with the buyers expected to fund the purchase through a mix of equity and debt, a structure that typically requires substantial lender commitment. Citi and Goldman Sachs are acting as advisers to the sellers, and no official comment has been provided by the parties. The increase in European and U.S. interest rates was reported as complicating the search for a buyer for Acciona Energía. Enel’s withdrawal from a similar pursuit was also noted. Deal professionals will be watching whether the Entrecanales family pivots to a partial sale or a strategic partnership, and what alternative financing structures might emerge. The identities of potential new bidders and the next round of adviser engagements have not been disclosed.

The Meridian Weekly