Spain’s Gestamp Solar eyes listing in next two years, says CEO: Reuters

(Reuters) Spanish photovoltaic company Gestamp Solar is planning an initial public offering in the next two years, its chief executive told Reuters on Tuesday, after U.S. buyout group KKR acquired an 80 percent stake in the company.

KKR said on Tuesday the purchase valued Gestamp Solar at a total enterprise value of around $1 billion.

Gestamp Solar, which has a presence in 18 countries through its Gestamp Renewables division, wants to list on the market once the bulk of its 2.2 gigawatts of installed solar capacity comes on stream.

“The idea is for a stock market listing in the next two years more or less, depending on the markets,” CEO Jorge Barredo told Reuters in a telephone interview on Tuesday.

He also said KKR had committed to help funding some 2.5 billion euros ($2.74 billion) in financing needed to develop Gestamp Solar’s business portfolio through capital hikes over the next three years.

KKR expects to close the stake acquisition before the end of 2015, subject to regulatory approval. Bank of America Merrill Lynch advised Gestamp Solar on the deal.