Ashurst advises Citibank on Kinematics’ P4Q acquisition financing
Ashurst has advised Citibank and a syndicate of banks under Spanish law on the financing granted to Kinematics for the acquisition of P4Q, a Spain-based company specializing in solar tracker controllers.
The $163 million transaction marks a significant step in the renewable energy sector, enabling Kinematics to strengthen its market position and expand its technological capabilities. The deal, which was closed in November 20224 as we reported here, was pending Spanish regulatory approvals, and was finally closed on 3 February.
Talde Private Equity is selling its majority stake in P4Q after six years, following its 2018 investment aimed at strengthening P4Q’s leadership in the solar sector and expanding into new markets. Under Talde’s ownership, P4Q became a leader in high-performance electronics for solar tracking, expanding its operations in Spain and Latin America. Now, as part of Kinematics Group, P4Q will enhance its global reach and provide a unified motion control solution for leading solar tracker OEMs.
Strategic Financing and Advisory
The Ashurst team was led by partners Jose Christian Bertram (Global Loans) and Javier Hernández (Tax), supported by counsel Aitor Errasti (Global Loans) and associate Javier Altemir (Global Loans).
Other advisors in the deal included Uría Menéndez, advising the borrower under Spanish law as well as Garrigues and PwC, representing P4Q’s shareholders; Paul Hastings, advising the lenders under New York law and Proskauer Rose, advising the borrower under New York law.
