(Reuters) Shares of Contour Global rose by more than 33% in premarket on Tuesday after receiving an offer of $2.16 billion or 1.75 billion pounds from KKR.
KKR is expected to pay 263.6 pence for each share of ContourGlobal, representing a 36% premium to the share’s closing price on Monday.
The move to acquire the London-listed ContourGlobal is now seen as an attempt by KKR to expand its renewable energy portfolio. KKR says the existing business offers a compelling platform to generate both organic and inorganic growth.
ContourGlobal’s 33% gain pushed the stock to its highest since August 2018.
GLO: LON is up +33.07%, KKR: NYSE is up +2.12% on premarket.
