On April 7, 2025, Federated Hermes Limited, a London, United Kingdom (U.K.)-based subsidiary of Federated Hermes, Inc., entered into a share purchase agreement with Rivington Energy (Management) Limited (Rivington) and its shareholders regarding the acquisition of a majority (60%) equity interest in Rivington. Rivington is a U.K.-based renewable energy project development business. The acquisition was simultaneously completed on April 7, 2025.

The share purchase agreement provided for an upfront cash payment of £23.7 million ($30.6 million) for the majority (60%) equity interest in Rivington, including stamp duty taxes. The upfront cash payment included a £12.9 million ($16.7 million) capital contribution principally to provide Rivington funds for growth capital and debt repayment. The share purchase agreement also provides for a series of contingent purchase price payments, which can total as much as £10.7 million ($13.8 million) in the aggregate and can become payable annually over the next four years based on certain levels of revenue growth. Rivington had revenues of approximately £7.4 million ($9.5 million) in 2024. The share purchase agreement and other related transaction documents contain certain negotiated warranties, covenants, indemnities, and other terms customary for similar transactions in the U.K.