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Corporate Finance

Mirabaud bietet ein breites Spektrum an Finanz- und Beratungsdienstleistungen für Unternehmen an, die unseren Kunden bei der Erreichung ihrer strategischen Ziele unterstützen sollen. Mirabaud, das im Herzen der Märkte aktiv ist, bietet institutionellen Anlegern zudem unabhängiges und ideenbasiertes Research zu Nischensegmenten des Aktienmarkts, zusammen mit hochmodernen Ausführungsdienstleistungen.


Nexus Energía

Case Study

Mirabaud and Nexus Energía: capital increase with an industrial partner

Mirabaud has acted as financial advisor to Nexus Energía in the incorporation of Sojitz as the main minority shareholder through a capital increase.

About Nexus Energía

Founded in 2000, Nexus Energía is a leading group in the energy commercialisation business (electricity and natural gas) to corporates, public administration and domestic clients and in the market representation business for renewable energies producers with presence in Spain, Portugal and Mexico.

With annual revenues over €1.1 billion and energy managed of more than 15TWh, Nexus Energía provides energy to more than 32,000 households and 26,000 corporates in Spain.

The Company was a frontrunner in promoting green energy consumption and is currently the independent leader in market representation of renewable energy producers, with more than 17,500 renewable plants represented.


Visit Nexus Energía official website

Transaction overview

Within a market growth environment, the Nexus Energía team prepared a business plan aimed at continuing the business’ historic growth by taking advantage of the market momentum.

In order to strengthen its balance sheet and obtain the financial resources needed to finance its business plan, Nexus Energía decided to launch a process oriented to identify a relevant minority investor that would enter the Company through a capital increase.

In this context, Nexus Energía retained Mirabaud as exclusive financial advisor to: i) carry out an independent valuation exercise and ii) launch an M&A process for identifying a relevant minority shareholder.

The process drew strong interest from indus­trial groups and financial investors at national and international levels, with the Japanese listed conglomerate Sojitz (annual revenues over €12 billion) emerging as the selected candidate.

It was a great pleasure to work with the Nexus team on such a strategic transaction. The agreement with Sojitz represents a milestone for both companies and confirms the interest from industrial groups in the Spanish energy market. Mirabaud has a profound knowledge of this sector and a leading position as specialised financial advisor in both M&A and Capital Markets transactions.

Enrique Aguado
Head of Corporate Finance & Capital Markets

Mirabaud contribution and added value

Value maximisation:
Mirabaud maximised Nexus’ enterprise valuation through the design of a targeted competitive M&A process and an optimal deal structure, even with the limitation of selling a "non-controlling" minority stake.

Perfect match:
The Mirabaud team identified the ideal partner for Nexus' objectives,

  • long-term,
  • complementary in terms of business models and know-how (generation and self-consumption activities),
  • with the financial capacity to support the Company's future growth, and
  • with highly relevant synergies.

Balanced investment agreement:
Negotiation of a shareholders’ agreement that fits both Nexus' objectives as well as Sojitz’s requirements in order to enter as the main minority shareholder.

Full commitment:
The Mirabaud team was fully engaged in all execution phases, from initial negotiation to closing, coordinating and supporting both legal advisors in drafting of definitive legal documentation and auditors in due diligence reports.

Key Data

CompanyNexus Energía (energy commercialisation business (electricity and natural gas) to corporates, public administration and domestic clients and market representation services for renewable energy producers)
Transaction type100% capital increase
PurposeFinancing Nexus Energía Business Plan
% StakeMinority Stake
Mirabaud RoleExclusive financial advisor

This deal will position Nexus as one of the leading companies in the independent energy commercialisation sector, allowing us to accelerate our growth in the different fields of our business and in the countries in which we operate. We’re excited to take on this project together with a company of such experience as Sojitz. Mirabaud has done impressive work, finding the perfect partner for Nexus and supporting and advising us through the entire deal process.

Oriol Xalabarder
CEO of Nexus Energia

Case Study

Case Leader

Corporate finance

Enrique AGUADO

Head of Corporate Finance & Capital Markets

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