The proposed $346 million takeover of Genex Power by Atlassian chief Scott Farquhar and US private equity firm Stonepeak has been called off.
The proposed $346 million takeover of Genex Power by Atlassian chief Scott Farquhar and US private equity firm Stonepeak has been called off, the renewable energy company announced on Wednesday.
Atlassion CEO and billionaire Scott Farquhar, and Stonepeak, have walked away from talks with Genex Energy.Discussions between billionaire Farquhar’s Skip Essential Infrastructure Fund and the ASX-listed Genex, which has $1 billion of renewable energy assets across Australia, commenced in August, after the company, or 23¢ a share, earlier in the year. Skip is very much a family affair, with Farquhar’s wife, Kim Jackson the group’s chief executive and co-founder.
Genex said it had engaged constructively with the consortium during the last four months, and it continued to believe it had compelling prospects.“The company remains focused on the continued delivery of the 250MW Kidston Pumped Storage Hydro Project and the 50MW Bouldercombe Battery Project, alongside its attractive pipeline of growth opportunities.”
However, Genex reported earlier in the year that during construction they had run into an “unexpected geological feature” which resulted in water leaking into one of the tunnels at their Kidston site, and that it would add an additional $10 million to $15 million to the project.A spokesperson for the Consortium said that they were disappointed with the outcome, but couldn’t find a way forward.