Adani Green Energy is in progressive discussion to attain privately-held SB Energy Holdings, as per people familiar with the matter.
A deal could value SB Energy, owned by SoftBank Group and Bharti Enterprises, at more than
$650 million, informed by one of the people, who did not want to be mentioned as the information is private.
Adani Green is discovering a buyout of the renewable energy company through an all-stock deal, another person said. An announcement could occur in coming weeks, the people said. Discussions could still be delayed or fall apart, they added.
A representative for SoftBank failed to comment, while representatives for Adani Green and Bharti Enterprises didn’t directly respond to requests for comment.
A deal could support Adani Green to grasp its planned generation capacity of 25 gigawatts by 2025. Shares in Adani Green have risen more than 370% in the previous year, giving it a market value of about $23 billion.
