At what enterprise value was AKUO acquired in 2025?

During the acquisition of AKUO by ARDIAN in 2025, the company was valued at an estimated revenue multiple of 5x - 12x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA.

What was the EV/EBITDA of AKUO when it was acquired by ARDIAN?

The estimated EV/EBITDA multiple for AKUO is in the range of 10x - 18x. Join our community for free to access full valuation data and industry trends.

When was AKUO acquired by ARDIAN?

AKUO was acquired by ARDIAN in 2025.

What was the revenue of AKUO at the time of the deal?

The revenue of AKUO at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of AKUO during the acquisition?

AKUO's EBITDA is estimated to be in the range of 100M - 200M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the AKUO acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the AKUO deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.ardian.com/fr/actualites-perspectives/communiques-de-presse/ardian-annonce-avoir-conclu-un-accord-en-vue-de

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03/2025

AKUO acquired by ARDIAN

FRANCE Power Generation / Renewables EV 1b - 4b EUR

Context

Ardian acquired approximately 97% of Akuo for an equity value of approximately EUR1 billion, enabling the exit of ICG (Intermediate Capital Group), which had provided EUR650 million in non-dilutive financing in 2022. The deal followed two years of complex negotiations where initial bids from KKR, Antin, and InfraVia failed to meet the founders' expectations. Ardian secured the deal by offering value-sharing mechanisms and earn-outs, ensuring the founders remain involved as minority shareholders and operational leaders.

AKUO, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of .

Target

Akuo is a leading French independent producer of renewable energy. The company develops, finances, and operates a diversified portfolio of solar, wind, and energy storage assets globally. As of late 2024, its operational and storage capacity reached 1.9 GW. Akuo is also known for its innovative "Agrinergie" projects (combining farming and solar) and its strong focus on hybrid energy solutions.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

Similar deals in Power Generation

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
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06/2025	ARES	PLENITUDE	ITALY	Renewables
03/2025	BROOKFIELD	Neoen	FRANCE	Solar / PV
11/2024	Masdar	TERNA ENERGY	GREECE	Renewables
11/2024	KKR	Greenvolt	PORTUGAL	Solar / PV
09/2024	PPC GROUP	COPELOUZOS WIND PORTFOLIO	GREECE	Renewables
06/2024	KKR	Encavis	GERMANY	Solar / PV
11/2023	Statkraft	Enerfin	SPAIN	Renewables
06/2023	ANTIN INFRASTRUCTURE	Opdenergy	SPAIN	Solar / PV
03/2022	MACQUARIE	Reden Solar	FRANCE	Solar / PV

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of AKUO by ARDIAN are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: ardian