Canada $4.1 Billion Algonquin Power & Utilities Corp to Sell Renewable Energy Business to LS Power for $2.5 Billion

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Canada $4.1 Billion Algonquin Power & Utilities Corp to Sell Renewable Energy Business to LS Power for $2.5 Billion

17th August 2024 | Hong Kong

Canada Algonquin Power & Utilities Corp ($4.1 billion market value) has announced to sell the renewable energy business to LS Power for $2.5 billion.  Announcement (9/8/24): “Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) (“AQN” or the “Company”) announced today that it has entered into a definitive agreement to sell its renewable energy business (excluding hydro) to a wholly-owned subsidiary of LS Power (the “Buyer”) for total consideration of up to $2.5 billion.  All amounts are shown in United States Dollars … … On August 9, 2024, the Company entered into an agreement to sell the renewable energy business (excluding hydro) to the Buyer for total consideration of up to $2.5 billion excluding debt, consisting of $2.28 billion of cash at closing (subject to certain closing adjustments) and up to $220 million of cash pursuant to an earn out agreement relating to certain wind assets (the “Earn Out”). The purchase price represents a compelling value relative to other precedent transactions. The transaction was unanimously approved by the Company’s board of directors.”

“ Canada $4.1 Billion Algonquin Power & Utilities Corp to Sell Renewable Energy Business to LS Power for $2.5 Billion “

 



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About Algonquin Power & Utilities Corp. and Liberty – Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $18 billion of total assets. AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity. AQN’s common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN’s common shares and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN and AQNB, respectively.

 

 

Canada $4.1 Billion Algonquin Power & Utilities Corp to Sell Renewable Energy Business to LS Power for $2.5 Billion New York City, United States


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    Originally posted on: https://www.caproasia.com/2024/08/17/canada-4-1-billion-algonquin-power-utilities-corp-to-sell-renewable-energy-business-to-ls-power-for-2-5-billion/?utm_source=rss&utm_medium=rss&utm_campaign=canada-4-1-billion-algonquin-power-utilities-corp-to-sell-renewable-energy-business-to-ls-power-for-2-5-billion