Adani Green Energy is in advanced talks to acquire privately-held SB Energy Holdings, according to Bloomberg report.
A deal could value SB Energy, owned by SoftBank Group and Bharti Enterprises, at more than $650 million, said one of the people, who asked not to be identified as the information is private.
Adani Green is exploring a buyout of the renewable energy company through an all-stock deal, another person said. An announcement could come in coming weeks, the people said. Discussions could still be delayed or fall apart, they added.
A representative for SoftBank declined to comment, while representatives for Adani Green and Bharti Enterprises didn’t immediately respond to requests for comment.
A deal could help Adani Green to reach its planned generation capacity of 25 gigawatts by 2025. Shares in Adani Green have risen more than 370% in the past year, giving it a market value of about $23 billion.
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