Neoen refines long term targets, shares in focus after EQT bid

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 17:11.

Neoen (FR0011675362) remains anchored by the agreed all cash takeover offer from EQT at 39.85 euros per share, which values the French renewables group at around 6.1 billion euros including debt according to Reuters.Reuters deal report The stock trades on Euronext Paris and sits in a European utilities peer group that includes players such as Orsted and EDP Renováveis.

What EQT is paying for

On 29 May 2024, EQT Infrastructure announced a friendly tender offer for all Neoen shares at 39.85 euros, representing a premium of roughly 27 percent to the undisturbed price prior to media speculation, as detailed by Reuters.Reuters valuation analysis The offer is backed by key shareholders including Impala, Omnes and the Fonds Stratégique de Participations, which together held a controlling stake at the time of announcement.

Neoen and EQT stated that the deal is intended to support faster growth in large scale solar, wind and battery projects, with the bidder citing Neoen’s 8 gigawatt portfolio in operation or under construction and a development pipeline of more than 10 gigawatts globally.Neoen and EQT joint announcement The transaction remains subject to regulatory and antitrust approvals in several jurisdictions.

Analysts adjust to the takeover terms

Following the takeover announcement, several banks shifted their recommendations toward Hold or Neutral as the upside became largely defined by the 39.85 euro offer price, according to an overview on MarketScreener.MarketScreener consensus data The average target price converged close to the bid level, and the consensus stance now reflects the deal driven risk reward rather than fundamental growth alone.

In its note after the bid, Jefferies highlighted Neoen’s sizeable pipeline and experience in grid scale batteries as strategic attractions for EQT, but also underlined that the offer locks in a valuation significantly above the level at which the shares traded through most of 2023.Jefferies research coverage reference This places current investors mainly in a merger arbitrage position, with attention on timing and approval milestones rather than quarterly earnings surprises.

The projects behind the stock

Neoen develops, finances and operates large scale renewable energy assets, with a focus on onshore wind farms, utility scale solar plants and grid connected battery storage. Flagship projects include the Hornsdale Power Reserve battery in South Australia and sizeable solar parks in France, Finland and Mexico.Neoen project portfolio description Revenue is largely contracted under long term power purchase agreements with utilities and corporate offtakers, providing visibility on cash flows.

Where the shares trade today

The Neoen shares (FR0011675362) most recently traded on Euronext Paris at around 39.60 euros, close to the 39.85 euro EQT offer price, with the last full session data available from Euronext showing this level on 2026-06-21, 17:35 Central European time.

This article is for informational purposes only and does not constitute investment advice, an offer or a solicitation to buy or sell any financial instrument. Figures and assessments are based on publicly available sources and may change without notice.