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Monterey makes agreed cash offer for rest of Infinis Energy: Reuters

Monterey Group, owned by private equity firm Terra Firma, made an agreed cash offer for the rest of renewable power generating firm Infinis Energy, valuing the company at 555 million pounds ($856 million), the firms said on Thursday.

Monterey, which already owned 68.5 percent of Infinis, will pay 185 pence per share for the remaining shares, a 40.4 percent premium to the closing price of 131.75p on Oct. 21, Terra Firma said in a statement.

“We have considered gradual sell-downs of our interest in the company since its IPO in November 2013 and more recently we have also explored other strategic options, but the change in the regulatory environment for Infinis has prompted us to rethink our strategy,”

Guy Hands, chairman and chief investment officer of Terra Firma, said.