M&A Deal Summary

Cubico Sustainable Investments Acquires T-Solar Global SA

On December 15, 2020, Cubico Sustainable Investments acquired energy services and equipment company T-Solar Global SA from KKR and Munich Re

Acquisition Highlights
  • This is Cubico Sustainable Investments’ 1st transaction in the Energy Services and Equipment sector.
  • This is Cubico Sustainable Investments’ 2nd transaction in Spain.

M&A Deal Summary
Date 2020-12-15
Target T-Solar Global SA
Sector Energy Services and Equipment
Buyer(s) Cubico Sustainable Investments
Sellers(s) KKR
Munich Re
Deal Type Add-on Acquisition

Target

T-Solar Global SA

Madrid, Spain
T-Solar Global SA is a generator of solar photovoltaic (PV) power to European clients. T-Solar Global was formed in 2006 and is based in Madrid, Spain.

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Buyer(S) 1

Buyer

Cubico Sustainable Investments

London, United Kingdom
Category Company
Founded 2015
Sector Renewable Energy
DESCRIPTION

Cubico Sustainable Investments are a renewable energy and water infrastructure company. Its initial portfolio included 18 wind, solar and water infrastructure assets previously owned by Santander, representing a net capacity of 1.2 gigawatts (GW). Since inception, Cubico opened regional offices in London, Milan, Sao Paulo and Mexico City. It also successfully completed four acquisitions spanning four different countries, growing its total net capacity to 1.62 GW. The company’s portfolio now comprises 22 wind, solar and water infrastructure assets in operation, construction or under development across eight countries (Brazil, Italy, Ireland, Mexico, Portugal, Spain, United Kingdom and Uruguay). Cubico Sustainable Investments was founded in 2015 and is based in London, United Kingdom.

DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 2
Country (Spain) 2 of 2
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-27 Andasol 1&2

Andalusia, Spain

Andasol 1&2 solar power station is Europe's first commercial parabolic trough solar thermal power plant. Andasol 1&2 is based in Andalusia, Spain.

Buy -

Seller(S) 2

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 150 of 205
Sector (Energy Services and Equipment) 1 of 3
Type (Add-on Acquisition) 51 of 67
Country (Spain) 5 of 7
Year (2020) 15 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-18 Argenta Global

Auckland, New Zealand

Argenta Global is an animal health-focused pharma services platform. Argenta is a fully integrated contract research organization (CRO) and contract manufacturing organization (CMO) specialized in animal health. Argenta Global was founded in 2006 and is based in Auckland, New Zealand.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 RigNet

Houston, Texas, United States

RigNet, Inc. is a provider of managed communications, networks and collaborative applications dedicated to the oil and gas industry. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services to remote sites in over 30 countries on six continents, effectively spanning the drilling and production industry. RigNet was founded in 2000 and is based in Houston, Texas.

Sell $222M
SELLER

Munich Re

Munich, Germany
Category Company
Founded 1880
Sector Insurance
Employees42,838
Revenue 60.1B EUR (2023)
DESCRIPTION

Munich Re is a global reinsurance company. ERGO, a Munich Re subsidiary, is the Group’s primary insurance brand. Munich Re was founded in 1880 and is based in Munich, Germany.

DEAL STATS #
Overall 3 of 4
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (Spain) 1 of 1
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-12 MSP Underwriting

London, United Kingdom

MSP Underwriting Ltd. is a provider of commercial property and aviation insurance services. MSP Underwriting is based in London, United Kingdom.

Sell £102M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-12 Clareto

Richmond, Virginia, United States

Clareto is a medical record retrieval company for the life insurance industry. Clareto engages health information exchanges (HIEs), healthcare providers, and other data sources and facilitates the electronic exchange of health information pursuant to HIPAA-compliant authorizations in support of underwriting, claims, and other business processes for the life insurance industry. Clareto was founded in 2016 and is based in Richmond, Virginia.

Buy -
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