AKUO acquired by ARDIAN
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 [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.
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
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
Above 6x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
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REFERENCES
Valuation range: EV €1–10bn
Revenue range: €250–500M
EBITDA range: €100–200M
EV/Revenue range: Above 6x
EV/EBITDA range: 10x - 18x
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