Eurazeo SE — M&A Activity 2022

Mar 7, 2022

EURAZEO HAS REACHED AN AGREEMENT TO SELL ITS STAKE IN REDEN SOLAR TO A MACQUARIE ASSET MANAGEMENT LED CONSORTIUM

Paris, 7 March 2022

Eurazeo has reached an agreement with Macquarie Asset Management, in a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, to sell its 47% stake in Reden Solar, a leading European independent solar power producer, based on a €2.5bn Enterprise Value. Reden Solar is active across eight countries, with more than 750 MW in operation and a sizable maturing pipeline.

The disposal would generate cash proceeds of €632 million for Eurazeo, representing a cash-oncash multiple of 4.3x and an internal rate of return (IRR) of around 42%.

Since acquiring Reden Solar in 2017, Eurazeo's Real Assets team has worked alongside its coinvestor InfraVia to support the group's development, capitalizing on its long-standing experience in the sector, including platform management, structuring and expansion through a combination of organic and external growth. Along with the leadership of Reden Solar's seasoned management team, this has resulted in the growth of the group's capacity by 8x and its EBITDA by more than 4x over the past five years and extended its footprint across Southern Europe, bolstering its market positions.

The completion of this transaction remains subject to regulatory and antitrust approvals.

Renaud Haberkorn, Managing Partner of Real Assets at Eurazeo said:

« We have been extremely pleased to accompany Reden Solar together with InfraVia during this development phase. We have provided the group with a comprehensive set of resources that have paved the way for Reden Solar's transformation into a fully integrated platform and a leading European independent solar power producer, focused on large and stable high growth markets, with a strong track-record and a sizable pipeline. This combination of corporate transformation, platform growth and real asset investment saviness illustrates the firm's know-how and proven strategy in the real asset sector covering both real estate and infrastructure. »

ABOUT EURAZEO

Eurazeo is a leading global investment company, with a diversified portfolio of €27 billion in assets under management, including nearly €19.2 billion from third parties, invested in 450 companies. With its considerable private equity, venture capital, private debt as well as real estate and infrastructure asset expertise, Eurazeo accompanies companies of all sizes,

supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

• Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Sao Paulo.
• Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121 - Bloomberg: RF FP - Reuters: EURA.PA

Virginie Christnacht

HEAD OF COMMUNICATIONS vchristnacht@eurazeo.com +33 (0)1 44 15 76 44

Pierre Bernardin

HEAD OF INVESTOR RELATIONS pbernardin@eurazeo.com +33 (0)1 44 15 16 76

David Sturken MAITLAND/AMO dsturken@maitland.co.uk +44 (0) 7990 595 913