Provided by Dow Jones By Colin Kellaher Indian renewable energy producer ReNew Power Private Ltd. on Wednesday unveiled plans to go public through a combination with blank-check company RMG Acquisition Corp. II. The companies said the deal gives ReNew a pro forma consolidated value of about $8 billion and will provide total proceeds of $1.2 billion, including $345 million held by RMG and $855 million from a fully committed private placement of common stock. ReNew, founded in 2011, is India s biggest renewable power producer, with a portfolio of more than 100 operational utility-scale wind and solar energy projects. ReNew s current shareholders, which include Goldman Sachs Group Inc., Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, will roll a majority of their equity into the combined company for a roughly 70% stake, ReNew and RMG said.
ReNew to announce merger with RMG Acquisition at $3.7-bn pre-money valuation
While pre money valuation is the equity value before the new round of financing, the post money valuation includes the fresh round of capital injection. Photo: iStock
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Goldman Sachs backed ReNew Power Ventures Pvt. Ltd is set to shortly announce its merger with RMG Acquisition owned by Nasdaq-listed SPAC Riverside Capital Management at a pre money valuation of $3.7 billion, said two people aware of the development.
The merger will be followed by a private investment in public equity (PIPE) deal, wherein existing shareholders may offer their shares for sale. Also, new shares may be issued, resulting in new money of around $1.2 billion.
UK s Inmarsat appoints former Nokia boss Rajeev Suri CEO
02/24/2021 | 09:57am EDT
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LONDON (Reuters) - British satellite company Inmarsat said on Wednesday it had appointed Rajeev Suri, the former boss of Nokia, to replace Rupert Pearce as chief executive on March 1.
Inmarsat, which was previously listed in London, was sold to a consortium of UK-based Apax Partners, U.S.-based Warburg Pincus, Ontario Teachers Pension Plan and the Canada Pension Plan Investment Board for $3.4 billion in 2019.
Suri stepped down from the Finnish telecoms equipment maker in August 2020 after more than a decade in charge of Nokia and Nokia Siemens Networks.
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RMG Acquisition Corporation II
ReNew Power, India’s Leading Renewable Energy Company, to Publicly List through Business Combination with RMG Acquisition Corporation II in $8 Billion Transaction
Wednesday, February 24, 2021 6:44PM IST (1:14PM GMT)
New York, United States & New Delhi, India:
ReNew Power, India’s leading renewable energy company, has entered into a definitive business combination agreement with RMG Acquisition Corporation II (“RMG II”); upon closing, the combined entity is expected to be listed on the NASDAQ under the new ticker symbol “RNW”
Pro forma consolidated & fully diluted enterprise value of approximately $8 billion; transaction expected to close in the second quarter of 2021, subject to customary closing conditions