Daldrup & Söhne sells large share in geothermal operations in Germany
Luxembourg-based fund IKAV Invest acquires large stake in geothermal power plant in Landau/ Germany from Daldrup & Söhne AG, with additional potential for further acquisitions.
Reported today, the drilling technology and geothermal specialist Daldrup & Söhne AG has agreed with the IKAV Group, represented by the Luxembourg fund IKAV Invest S.à r.l., a binding termsheet on the acquisition of shares in the geothermal power plant Landau and Geysir Europe GmbH. In a first step, IKAV intends to acquire 49.9 percent of the shares in the operating company Geox GmbH of the geothermal power plant Landau.
Part of the agreement is also the intended acquisition of 48.9 percent of the shares in Geysir Europe GmbH, including the project companies with the exception of Geothermie Neuried GmbH & Co. KG. The transaction price is expected to total approx. EUR 5.2 million (USD 5.8 million). The closing of the transactions is scheduled for June 15, 2019.
For the geothermal power plant Taufkirchen a separate agreement is aimed at. The sale of the shares is an integral part of the restructuring measures that the Management Board will implement based on the operating result for the financial year 2018. It serves, among other things, a debt relief of the group, said the listed Daldrup & Söhne AG.
Source: Company release via IWR