ReNew Energy Global signs definitive agreement to go private at $7.02 per share

summarizeSummary

ReNew Energy Global has entered into a definitive agreement to be taken private by a consortium of CPP Investments and CEO Sumant Sinha at $7.02 per share in cash, with a rollover option for eligible shareholders. The deal is backed by irrevocable undertakings from shareholders representing ~51.1% of voting power.

check_boxKey Events · M&A and Partnerships · RNW

• Definitive Take-Private Agreement Signed

  A consortium of CPP Investments and CEO Sumant Sinha has signed a Transaction Agreement to acquire all outstanding shares not already held by them for $7.02 per share in cash, a 12.5% premium to the undisturbed price, valuing ReNew at ~$2.8 billion on a fully diluted basis.

• Irrevocable Undertakings from Key Shareholders

  JERA and Platinum Cactus, holding ~51.1% of voting power, have irrevocably agreed to vote in favor of the scheme and elect the rollover, making shareholder approval highly likely.

• Rollover Option for Eligible Shareholders

  Eligible shareholders may elect to retain their shares and participate in the post-closing reorganization, becoming direct shareholders of ReNew Private Limited, subject to a 200-shareholder cap and a 9% U.S. ownership limit.

• Equity Award Treatment Detailed

  Outstanding awards will vest or be replaced under a new incentive plan, with cash-outs for certain awards and conversion at a 0.8289 ratio; CEO Sinha's awards will be replaced under a new Founder Service Agreement.

auto_awesomeAnalysis · RNW · Energy & Transportation

After months of non-binding proposals and due diligence, the consortium of CPP Investments and CEO Sumant Sinha has signed a definitive Transaction Agreement to acquire all outstanding shares not already held by them for $7.02 per share in cash, with a rollover option available. The deal values ReNew at approximately $2.8 billion on a fully diluted basis, representing a 12.5% premium to the undisturbed price. Approval is highly likely because key shareholders JERA and Platinum Cactus, holding ~51.1% of voting power, have delivered irrevocable undertakings to vote in favor and elect the rollover. The agreement also details the treatment of equity awards, a $10 million expense reimbursement in certain termination scenarios, and a post-closing reorganization that will make remaining shareholders direct holders of the Indian operating subsidiary. Subject to shareholder and regulatory approvals, the transaction is expected to close in Q1 2027.