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BEP

Brookfield Renewable

$48.04 /

-0.45 (-0.93%)

, TERP

TerraForm Power

$15.60 /

+0.085 (+0.55%)

06:52
01/13/20
01/13
06:52
01/13/20
06:52

Brookfield Renewable submits offer to buy TerraForm Power in all-stock deal

Brookfield Renewable Partners (BEP) announced that it has made a non-binding, all-share proposal to acquire the outstanding Class A common shares of TerraForm Power (TERP), other than the 62% owned by Brookfield Renewable and its affiliates. Pursuant to the proposed transaction, each Class A common share of TerraForm Power would be acquired, on a tax-deferred basis, for consideration equivalent to 0.36 of a Brookfield Renewable unit. Consideration for the transaction will be in the form of Class A shares of Brookfield Renewable Corporation. The proposal values TerraForm Power at $17.31, representing an 11% premium to the closing share price of TerraForm Power on January 10, 2020. The proposed transaction would strengthen Brookfield Renewable's position as one of the largest publicly-traded, globally-diversified, multi-technology, pure-play renewable power platforms with $50B in total power assets, an equity capitalization of approximately $16B and a 20-year track record delivering 18% annualized returns to unitholders since inception with consistent, stable distribution growth, it said in a statement. "We believe this transaction will create significant value for investors in both companies through a simplified corporate structure and continued sponsorship from Brookfield Asset Management," said Sachin Shah, CEO of Brookfield Renewable. "For Brookfield Renewable unitholders, this transaction is expected to be immediately accretive and further expands our portfolio in North America and Western Europe, all while delivering returns in-line with our targets. Further, the proposed transaction will enhance the liquidity of the BEPC shares." As previously announced, Brookfield Renewable intends to make a special distribution of BEPC shares to its unitholders. The BEPC shares will be structured with the intention of providing an economic return equivalent to Brookfield Renewable units, including identical distributions, and will be exchangeable, at the shareholder's option, for Brookfield Renewable units on a one-for-one basis. As such, the proposed transaction would allow TerraForm Power shareholders to acquire economic exposure to Brookfield Renewable through shares of a corporation. The exchange ratio will be adjusted on a proportional basis to reflect the contemplated special distribution of BEPC shares to Brookfield Renewable unitholders, which we expect to close concurrently with the closing of the proposed transaction. Brookfield Renewable presented its proposal to the Board of Directors of TerraForm Power on January 11, 2020. The proposed transaction is subject to the negotiation and execution of definitive transaction documents and customary approvals, including approval of a committee of the Board of Directors of TerraForm Power consisting solely of independent directors, and the approval of a majority of TerraForm Power's stockholders not affiliated with Brookfield Renewable. Brookfield Renewable will not pursue the proposed transaction without obtaining these approvals.

BEP

Brookfield Renewable

$48.04 /

-0.45 (-0.93%)

TERP

TerraForm Power

$15.60 /

+0.085 (+0.55%)

  • 13

    Jan

  • 06

    Feb

BEP Brookfield Renewable
$48.04 /

-0.45 (-0.93%)

11/12/19 TD Securities
Brookfield Renewable downgraded to Hold from Buy at TD Securities
07/25/19 Credit Suisse
Brookfield Renewable downgraded to Neutral from Outperform at Credit Suisse
07/11/19 Barclays
Brookfield Renewable initiated with an Overweight at Barclays
07/04/19 BMO Capital
Brookfield Renewable target raised to $35 on X-Elio deal at BMO Capital
TERP TerraForm Power
$15.60 /

+0.085 (+0.55%)

01/13/20 BMO Capital
TerraForm Power upgraded to Outperform from Market Perform at BMO Capital
10/08/19
Fly Intel: Top five analyst downgrades
10/08/19 Barclays
Barclays upgrades NextEra to Overweight, downgrades TerraForm to Equal Weight
10/08/19 Barclays
TerraForm Power downgraded to Equal Weight from Overweight at Barclays

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