Pinho, Paulo Soares deGonçalves, Daniel José Batista2025-09-082025-01-142024-12-17http://hdl.handle.net/10362/187665This case explores KKR’s tender offer for Greenvolt, a renewable energy company with stable biomass operations and high-growth potential in Utility-Scale and Distributed Generation segments. Participants begin by analyzing Greenvolt’s business model and valuation using several methodologies to assess the fairness of the €8.30 per share offer. The case then examines KKR’s strategic motivations for the acquisition and highlights conflicts of interest within Greenvolt’s board. It challenges participants to evaluate governance dynamics, shareholder incentives, and practical constraints while weighing the risks and rewards of selling the shares.engGreenvoltKKRRenewable energyTender offerInfrastructure fundShare Purchase AgreementsCorporate valuationDelistingGovernancemaster thesis203961765