REN: Portuguese state aims for 20% stake after Parpública acquisition

Parpública has completed the acquisition of a 13.7% stake in the electricity grid operator REN from Pontegadea Inversiones. The purchase price was approximately 389.8 million euros, which represented a 15% premium over REN’s average market price over the last six months.

The Portuguese government intends to increase its stake in REN to 20%. Based on current market prices, acquiring the additional 6.3% share would cost an estimated 147.8 million euros. However, the government may face challenges due to the limited availability of shares from major shareholders and low market liquidity. If the state is forced to pay a similar premium to the one previously agreed upon with Pontegadea, the total cost for a 20% stake could reach 537.8 million euros.