STOCKHOLM, May 13 (Reuters) - Private equity firm EQT (EQTAB.ST) New Tab, opens new tab said on Monday it has made a recommended cash offer to buy Swedish renewable energy group OX2 (OX2SE.ST) New Tab, opens new tab for 16.4 billion crowns ($1.51 billion).

EQT said it is offering 60 crowns per share for the developer of onshore and offshore wind and solar energy projects, 43% above OX2's closing price on Friday.

It said OX2's main owner Peas Industries AB, which holds 46% of shares and votes, has undertaken to accept the offer, and that an OX2 independent bid committee unanimously recommends that shareholders accept it.

EQT said the renewables industry is supported by strong underlying trends and expected to grow substantially, although higher interest rates, long development timelines and supply chain disruptions have put pressure on OX2.

"OX2 would benefit from evolving its business model from a pure developer to an integrated renewables developer and asset owner, while retaining its ability to sell projects," it said.

"EQT is well-suited to partner with the company during this next phase, offering the necessary capital and deep industry expertise to accelerate its growth journey," it added.

The offer is subject to regulatory approvals and conditional upon being accepted by owners of more than 50% of the shares in OX2. EQT said its ambition is to obtain 90% ownership and delist the company.

OX2's shares were up 42% in early trade. EQT's shares were broadly unchanged.

($1 = 10.8395 Swedish crowns)

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https://www.reuters.com/markets/deals/private-equity-group-eqt-makes-15-bln-offer-swedish-renewable-energy-platform-2024-05-13/