NDBIB successfully concludes another M&A Transaction
View(s):NDB Investment Bank acted as exclusive sell side advisors to a consortium of exiting investors led by Browns Investments PLC and Faber Capital Group for the divestiture of Sagasolar Power (Pvt) Ltd to Aitken Spence PLC for a purchase consideration of Rs.1,400 million.
Sagasolar Power is a 10MW solar power plant located in the Hambantota District and is one of the first solar power plants to be commissioned in Sri Lanka, NDB said in a media release.
NDBIB engaged in extensive negotiations between the seller group and the buyer and was able to structure the transaction in a manner that enabled the sellers to meet their pricing expectations whilst also allowing the buyer to generate value through this acquisition.
“The divestiture was concluded in the midst of severe macro-economic turmoil in the country that has led to extreme stress on the renewable energy sector in particular. Incidentally, this acquisition demonstrates the fact that the appetite for expansion remains strong among existing players in the industry with the guaranteed cash flows on offer in a normalised economic environment. The heightened public attention of the challenges facing the power sector in recent times have led to increased awareness of the importance and potential of the sector which in turn has culminated in an increase in the interest to enter the sector,” the release said.
Darshan Perera, Chief Executive Officer of NDBIB said, “NDBIB is pleased to have concluded the transaction amidst all the challenges faced by the power and energy sector. We are honoured to have been associated with two leading conglomerates in the country, the LOLC Group and the Aitken Spence Group, along with Faber Capital Group, a foreign based investment entity.”
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