ENGIE: Another evidence of the consolidation of the French RES market: Engie acquired Langa
ENGIE: (BUY, Fair Value EUR16 (+18%)) Another evidence of the consolidation of the French RES market: Engie acquired Langa Engie announced this morning that it has acquired French renewable developer Langa which currently around 165MW of installed capacity, mainly solar. With around EUR75m revenues (company data) and EUR15m of EBITDA (BG estimates), the impact is likely to be rather marginal at Engie’s scale. The amount of the transaction has not been unveiled but, based on normative segment multiples, we estimate that this acquisition implies a potential EUR150-200m cash-out for Engie. More importantly, this operation definitely confirms our initial view that the consolidation of the French renewable market is inevitable.
Engie is an industrial group, based in France, active in the fields of gas, electricity, energy services and the environment. Co. is an energy provider across the entire energy chain, in electricity and in natural gas, including: purchase, production and commercialization of natural gas and electricity; transport, distribution, management and development of major natural gas infrastructures; design and commercialization of energy services and environment-related services. Co.'s activities are conducted through five segments: Energy Europe, Energy International, Global Gas and LNG, Infrastructures, and Energy Services.
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