The bid, made by the EQT Infrastructure VI fund through Otello BidCo AB2, is to purchase all shares of OX2 at Skr60 ($5.53) each – a total of Skr16.35bn ($1.51bn).

The offer represents a 43.4% premium on OX2's closing price on the Nasdaq Stockholm on 10 May 2024.

OX2's founder and principal shareholder with a 45.6% stake, Peas Industries, has agreed to the acquisition. The bid's success hinges on Otello BidCo securing more than 50% of OX2's shares.

EQT Partners' Christoph Balzer stated: “To unlock OX2’s full potential, we believe it would benefit from transition to a more long-term, sustainable business model and becoming an integrated renewables developer and asset owner.

“EQT is well-suited to partner with the company during this next phase, offering the necessary capital and deep industry expertise to accelerate its growth journey.”

Peas Industries CEO Johan Ihrfelt stated: “As OX2’s founder and main shareholder, we believe that to take our vision even further, the company will be well positioned under EQT’s ownership as it looks to undertake the next phase of its development.

“With EQT’s extensive experience and expertise in acquiring and managing businesses, particularly within the renewable energy sector, coupled with a proven track record of navigating capital-intensive transitions, we have full confidence that EQT will serve as the ideal partner to support OX2’s future growth.”

Established in 2004, OX2 has grown as a renewable energy platform. It has a project portfolio spanning the full spectrum of renewable technologies, including onshore and offshore wind, solar and energy storage.

With its headquarters in Stockholm, the company has cemented its position as a top European onshore wind developer. It operates in 11 European markets as of 2023 and has expanded into Australia.