One seller, two buyers, two deal structures
TotalEnergies just agreed to buy Shell’s entire European onshore renewables business — 500 MW of operating and under-construction solar and wind, plus a 3.5 GW pipeline across four countries — and in the same announcement, sold a 50% stake in a separate €1.8bn portfolio to KKR.
https://www.renews.biz/other-news/totalenergies-swoops-for-shells-european-renewables-business/
One seller, one buyer, two completely different transaction structures, signed together.
That’s not unusual once you sit on the intermediation side of the table. A platform acquisition and a financial co-investment answer different questions for different buyers: one wants control and operational integration, the other wants yield exposure without running the asset. Assuming a single project or portfolio needs a single transaction structure is one of the most common mistakes we see sellers make.
Our job as an M&A intermediary is to work out, buyer by buyer, which question each one is actually trying to answer — then structure the process, or processes, around that. Sometimes that’s one competitive round. Sometimes it’s two tracks run in parallel for the same underlying assets, at different levels of the capital stack.
Multi-market, multi-technology portfolios reward sellers who do this properly.
When you last brought a project or SPV to market, did you test more than one transaction structure — or settle for the first one that fit?
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