Mutares sells Guascor Energía to Oaktree

✦ Meridian Analysis

Mutares has signed an agreement to sell 100 % of Guascor Energía to Oaktree, the U.S. asset manager owned by Brookfield, for €74 million. The deal, announced to the market, will close in the fourth quarter of 2026 once the required regulatory authorisations are obtained. Mutares, the German private‑equity firm that bought the Basque‑based engine manufacturer from Siemens Energy in 2022, is exiting its first platform investment in Spain and Portugal after turning the business from an operating loss of roughly €10 million to an EBITDA of €10‑12 million, with a forecast of €22‑23 million for 2027. Oaktree is acquiring the company through its Power Opportunities strategy, a fund that was targeting a $2.5 billion raise, and will take full ownership of a manufacturer of gas and diesel engines for power generation, cogeneration, waste‑to‑energy and marine applications. Oaktree’s acquisition follows its €810 million sale of the Italian power firm COL Group to Eaton, which Meridian reported earlier this month. For Mutares, the €74 million price delivers an estimated ten‑fold return on its 2022 investment. Deal professionals will be looking for details that remain undisclosed, such as the exact financing structure Oaktree will employ, any accompanying debt facilities, and the identities of the legal and financial advisers. Confirmation of the specific regulatory clearances required and a more precise timetable for the closing beyond “Q4 2026” will also be critical for assessing execution risk.

The Meridian Weekly