MRC today announced that MRC Transition Infrastructure (“MRC”), through the investment vehicle Box BidCo S.A.S., has increased its majority shareholding in Waga Energy (EPA: WAGA or the “Company”) following completion of its tender offer on the latter.

On 24 November 2025, Box BidCo S.A.S. announced the opening of a mandatory simplified cash tender offer for all remaining outstanding shares of Waga Energy at a price of EUR 21.55 per share, which will be increased by an earn-out amount of up to EUR 2.15 per share based on the aggregate amount of U.S. federal investment tax credits that could be monetized by Waga Energy by 30 June 2028 in connection with certain of its projects developed in the U.S. (the “Offer”).

After the closing of the Offer on 12 December 2025, Box BidCo S.A.S. holds, directly and by assimilation, 22,777,033 shares and voting rights of Waga Energy, representing 85.88% of the share capital and 85.82% of voting rights of the Company.

Asís Echániz, Partner and Head of MRC Transition Infrastructure Europe, said:
“Waga Energy continues to demonstrate strong momentum in a fast-growing segment of the energy transition, having built a differentiated platform in renewable gas through proprietary technology and an industrial approach. We are pleased to enter into this new chapter alongside the team to support the Company’s industrial model at scale, in close partnership with all its stakeholders.”

Settlement-delivery of the Offer is expected to occur on 19 December 2025.