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India's ReNew Power to Combine With SPAC RMG Acquisition II


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. ....

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ReNew Power, India's Leading Renewable Energy Company, to Publicly List through Business Combination with RMG Acquisition Corporation II in $8 Billion Transaction


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 ....

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