Eesti Energia launches a voluntary takeover bid for the shareholders of Enefit Green

Major shareholder Eesti Energia will launch today a voluntary takeover bid to minority shareholders of Enefit Green in order to return Enefit Green to 100% ownership by Eesti Energia. The voluntary takeover bid will remain open until 12 May 2025, and, if successfully completed, Eesti Energia is expected to pay for the shares on 16 May 2025.

On 7 April 2025, the Financial Supervision Authority approved the takeover bid and its documentation. This morning, Eesti Energia issued the official takeover bid notice, accompanied by the publication of the takeover bid prospectus. Shareholders considering the offer should refer to these documents. More detailed information is available on the website prospekt.enefit.com.

Chairman of the Management Board of Eesti Energia, Andrus Durejko, stated that Eesti Energia is the most beneficial for Estonia as an integrated energy company. ‘Strong energy companies are those with a balanced production portfolio and customer base. Combining dispatchable power plants with renewable energy production enables us to offer electricity at a more competitive price, increase profitability and restore the group’s investment capacity,’ said Durejko.

Retail investors can accept the takeover bid during the bid period via their online bank or the brokerage platform through which they purchased Enefit Green shares. Shareholders can find more detailed instructions in the bank notices.

The voluntary takeover bid price was based on three key considerations: market analysis, target prices set by analyst firms and the opportunity for shareholders to exit the transaction profitably. As a result, Enefit Green shareholders are being offered the opportunity to sell their Enefit Green shares at a price of €3.40 per share as part of the voluntary takeover bid. Compared to the closing price on the Nasdaq Baltic Exchange on 26 March 2025, the day before the announcement of the intention to launch the takeover bid, the offer price is 47% higher, and 27% higher than the average trading price over the past three months.

If Eesti Energia acquires at least 90% of all Enefit Green shares through the voluntary takeover bid, a takeover of the remaining shares for monetary compensation will be carried out in accordance with the law.

More than 60.3 million Enefit Green shares are publicly traded on the stock exchange, making the maximum total value of the voluntary takeover bid exceed €200 million. Eesti Energia is financing the offer from its own funds.

Following a successful voluntary takeover bid, Eesti Energia plans to offer retail investors the opportunity to subscribe to a bond issued by the Eesti Energia Group and listed on the Baltic Exchange. According to the initial plan, bond subscription will begin in the second half of May, after the end of the voluntary takeover bid period. The bond offering is currently an intention. In accordance with applicable legislation, the bond offering prospectus must also be approved by the Financial Supervision Authority.

Eesti Energia is an energy company with its home markets in the Baltic States and Poland. The group’s activities include energy production and sales, the production and development of liquid fuels and the provision of practical and convenient energy solutions for customers.