Latest news with #ISquaredCapital
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
U.S. Private-Equity Firm I Squared Leads Race for KKR's Singapore Logistics Asset
U.S. private-equity firm I Squared Capital has emerged as a leading contender to acquire KKR's KKR 3.03%increase; green up pointing triangle Singapore-based supply chain and logistics company, valued at up to $1.5 billion, people familiar with the process said. I Squared is conducting due diligence for KKR's logistics company, Goodpack, the people said. Other bidders for the asset include global investment firms such as Brookfield Asset Management and Apollo Global Management, they said.
Arabian Business
4 days ago
- Business
- Arabian Business
ADIA reportedly eyeing 30% stake acquisition in Aggreko
The Abu Dhabi Investment Authority (ADIA) is among a number of high-profile investors interested in buying a minority stake in Aggreko, the world's largest temporary power company. According to a Bloomberg report based on sources familiar with the matter, buyout firms KKR and CVC Capital Partners are also among the parties interested in buying the 30 per cent stake in the Glasgow-based company being offered by owners TDR Capital and I Squared Capital. The sources told Bloomberg that the deal could value the entire business at US$12 billion or more. Deliberations are in the early stages and no final decisions have been made, the sources said. Aggreko's owners could also decide against the stake sale if offers come below their expectations. Representatives for TDR, I Squared, ADIA, CVC and KKR declined to comment, Bloomberg added. TDR and I Squared took Aggreko private in a US$3.5 billion deal in August 2021. Aggreko is involved in several events, including some of the biggest sports tournaments and music festivals, and has a diverse portfolio of clients across the construction and travel industries. With more than 6,000 workers, it has a presence in more than 60 global locations with a fleet size of 9.6 gigawatts (in 2021 according to its website).
Reuters
7 days ago
- Business
- Reuters
US-based I Squared Capital dumps plans to make separate offer for Hong Kong's HKBN
June 30 (Reuters) - U.S.-based infrastructure investment firm I Squared Capital has withdrawn plans to make a takeover offer for Hong Kong's HKBN ( opens new tab, the broadband operator said on Monday, as a competing bid backed by a state-owned entity takes center stage. The announcement comes over a month after Reuters reported that China Mobile ( opens new tab was nearing a deal to take over HKBN with I Squared having dropped out. I Squared already owns Hong Kong-based broadband provider HGC Global Communications, in which China Investment Corp. holds a minority stake. However, the Miami-based firm has so far been unable to secure approval from the Chinese sovereign wealth fund to proceed with a formal bid for HKBN, according to the Reuters report from May. Rival suitor China Mobile built a 15.5% stake in HKBN from buyout company TPG (TPG.O), opens new tab and has offered HK$7.8 billion ($993.64 million) for the broadband firm. I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share, which was made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. HKBN CEO William Yeung said in May it was a "rumour" that China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN. I Squared Capital did not immediately respond to Reuters' request for comment over why it decided to walk away from making an offer. ($1 = 7.8499 Hong Kong dollars)
Irish Times
18-06-2025
- Business
- Irish Times
Energia pays further €40m dividend as New York owner courts bidders
Energia Group, the electricity and gas utility controlled by New York private equity firm I Squared Capital, handed a further €40 million of dividends to its owners in April, weeks after they pressed the start button on a sale of the business. The payment, disclosed in Energia's financial accounts for the year to March, brings total distributions to more than €540 million since the US firm bought Energia, then known as Viridian, in 2016 for €1 billion. Sources said earlier this month that I Squared received several first-round bids in advance of a deadline on May 30th. Interested parties included Itochu Corporation, a Japanese trading company that is involved in businesses spanning textiles to energy and chemicals, US private equity giant KKR , and the Canada Pension Plan Investment Board . Australian financial services group Macquarie is also among the companies that have been circling the business, which is expected to achieve an enterprise value of about €2.75 billion, according to the sources. READ MORE Energia's underlying earnings before interest, tax, depreciation and amortisation (Ebitda) fell almost 14 per cent to €323.5 million in its latest financial year, according to its latest report. Earnings advances across its renewable energy and flexibility power generation divisions offset by a decline in its customer sales business, where margins tightened. The three parts of Energia's business – renewable energy, a flexible electricity generation business and a unit supplying customers – have proven to be broadly complementary in recent years despite upheaval across energy markets. When earnings jumped across the group's renewables and flexible generation businesses in the two years to March 2023 – amid soaring electricity prices globally following Russia's invasion of Ukraine – its business supplying customers suffered large losses, with margins squeezed by heightened wholesale prices. The consumer solutions business delivers a large profit in the year to March 2024 as earnings across the other two units declined. Ebitda in the renewables business, which owns 358 megawatts (MW) of wind assets and purchases electricity from 1.19 gigawatts (GW) of third-party green energy producers, rose 8.5 per cent to €121.4 million in its latest financial year. This was driven by the commissioning of a new wind farm and higher wholesale energy prices. The flexible generation division, mainly made up of two combined cycle gas turbine plants in Huntstown in north Co Dublin with a total capacity of 747MW, posted a 67 per cent surge in Ebitda to €93.5 million. This was fuelled by greater utilisation and prices achieved by the plants – used to plug gaps in electricity supplies in the Greater Dublin Area – during the period. Earnings in the customer solutions business – which supplies electricity and gas to more than 880,7000 households and businesses on the island – declined by 48 per cent to €10.86 million as its margins contracted. 'Energia Group is well positioned for further growth as we work to meet the increasing demand for renewable energy on the island of Ireland,' chief executive Ian Thom said. 'Our leading market position and extensive project pipeline put us at the forefront of Ireland's energy transition, developing the infrastructure necessary to meet climate goals while ensuring secure and reliable energy, and supporting our customers on this journey.' An Bord Pleanála gave Energia permission in March to build a data centre in Huntstown, Co Dublin, in partnership with tech giant Microsoft, adding to the investment case for potential suitors. Energia also has a solar energy pipeline of more than 1,200MW.
Al Etihad
04-06-2025
- Business
- Al Etihad
ALTÉRRA backs Absolute Energy to develop gigawatt-scale renewable energy capacity in Italy
ABU DHABI (ALETIHAD) ALTÉRRA, the UAE's $30 billion climate investment vehicle, has announced a €50 million commitment via the ALTÉRRA Acceleration Fund to Absolute Energy, a forward-thinking Italian renewable energy platform. The co-investment, made alongside global infrastructure investment manager I Squared Capital, aims to fast-track the development of an initial 1.4GW active pipeline of projects across Italy. Absolute Energy is focused on the swift deployment of multiple commercially viable small to medium-scale solar projects throughout the country. Through this initial phase — comprising 1.4GW of solar and battery storage capacity — and with a broader development pipeline exceeding 6GW, Absolute Energy is positioned to become a next-generation Independent Power Producer (IPP), advancing Italy's decarbonisation and energy independence objectives. ALTÉRRA estimates that the 1.4GW pipeline could eliminate up to 380,000 metric tonnes of carbon dioxide equivalent (CO₂e) emissions annually. Italy has set a national target of adding 46GW of new solar capacity by 2030 in support of its net-zero ambitions. With high solar irradiation levels and favourable policy support, the country presents a compelling opportunity for expanding solar infrastructure. Majid Al Suwaidi, CEO of ALTÉRRA, said: 'We are excited to support Absolute Energy as it enters its next phase of growth. With a strong pipeline and deep sector expertise, the company will help drive Italy's clean energy future. ALTÉRRA invests to accelerate the climate transition through innovative approaches and partnerships. In working with a global leader like I Squared Capital with their strong track record in platform building and investing in renewables, this investment further demonstrates how ALTÉRRA works with partners to invest at scale to accelerate impact across key markets.' Sadek Wahba, Chairman and Managing Partner of I Squared Capital, added: 'We are proud to welcome ALTÉRRA as a strategic partner in Absolute Energy. Their investment underscores the strength of the platform and the scale of the opportunity in accelerating Italy's energy transition. ALTÉRRA brings deep climate focus and ambition, and we share their commitment to deploying capital with urgency and impact. This partnership is a powerful endorsement of Absolute Energy's innovative model and I Squared's long-standing approach to building transformational infrastructure businesses in critical sectors around the world.'
