Algonquin Power to acquire Bermuda Electric Light Company for $365M
Algonquin Power & Utilities Corp. announced the execution of an implementation agreement with the Ascendant Group Limited pursuant to which APUC's international power and utilities investment platform, AAGES, is expected to acquire Ascendant and its subsidiaries . Ascendant, through its major subsidiary, Bermuda Electric Light Company, is the sole electric utility providing safe and reliable regulated electrical generation, transmission and distribution services to Bermuda. Under the terms of the all-cash transaction, which has been unanimously approved by the Board of Directors of each company, Ascendant's shareholders will receive $36.00 per common share, representing an aggregate share purchase price of approximately $365M. Transaction closing is expected to occur in late 2019, following receipt of shareholder and regulatory approvals.