Aurica Capital and Amixa Capital sell STI Norland to Array Technologies for €600 million

Aurica Capital and Amixa Capital have sold the Navarran company of structure and solar trackers for photovoltaic solar energy projects STI Norland to the American Array Technologies for €600 million.

The operation envisages, in addition of those €600 million, an additional payment depending on whether the Ebitda of 2021 exceeds €47 millions. The closing of the transaction is scheduled for the first half of 2022, once are obtained the perceptive authorizations.

The operation’s structure will be based in a cash payment of 60% on the closing date, and the remaining percentage in listed shares of Array Technologies.
This operation has a continuist nature for the buyer because of the STI’s top management will remain at at the helm of the company’s management

STI Norland leads its sector in Iberia and Latin America
Based in Pamplona, the company performs close the totality of its sales outside Spain and is currently the fifth company in its sector worldwide. Array Technologies, on its part, ranks second.

In 2020, STI Norland achieved a sales figure close to €200 million and an Ebitda of €43 million. STI’s shareholders have expressed their satisfaction with the deal, and have positively assessed that transaction is going to be based on a mix of cash and Array Technologies’ shares, as stated in a press release.

The advisors of the transaction by the shareholders of STI Norland have been Lazard in the financial part and Allen & Overy in legal, while the buyers have had the advice of Guggenheim Securities and Kirkland & Ellis.

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