German agriculture group BayWa on Tuesday said it has agreed to sell 49% of its renewable division to Energy Infrastructure Partners AG (EIP) for 530 million euros ($642 million).
EIP, formerly Credit Suisse Energy Infrastructure Partners AG, will make the investment in BayWa r.e. via a capital increase against cash contribution, BayWa said.
The deal is expected to close in the first quarter of 2021, BayWa said in presentation slides.
Sources told Reuters in January that BayWa, an agricultural trading, logistics and services company that is majority-owned by Germany’s cooperative Raiffeisen group, was in advanced talks with Credit Suisse over the deal.
Source: Reuters.com