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Pattern Energy stops looking for different buyer

Spring Valley Wind Farm, Nevada. Copyright © 2014 Pattern Energy Group Inc. License: All Rights Reserved.

December 10 (Renewables Now) - The “Go-Shop Period" during which Pattern Energy Group Inc (NASDAQ:PEGI) had time to consider alternative third-party proposals for its acquisition, other than the one by Canada’s CPPIB, has expired.

The company agreed in November to be taken private by Canada Pension Plan Investment Board (CPPIB) in a deal with an enterprise value of about USD 6.1 billion (EUR 5.51bn). Under the merger agreement, the target had 35 days to contact bidders that could potentially beat CPPIB’s proposal.

Following the expiry of the "Go-Shop Period", Pattern Energy said on Monday it contacted 16 potential bidders. Those who responded informed it they were not keen to pursue a potential deal. The process was conducted with the assistance of Evercore and Goldman Sachs & Co LLC.

Presently, Pattern Energy has 28 wind and solar parks with an operating capacity of 4.4 GW, located in the US, Canada and Japan. CPPIB has agreed to pay USD 26.75 per share in cash for Pattern Energy, with the offered price being a premium of some 14.8% to the closing price of the target’s stock on August 9, 2019. Pending stockholder and regulatory approvals, as well as other customary closing conditions, CPPIB’s takeover of Pattern Energy is seen to be completed by the second quarter of 2020.

(USD 1.0 = EUR 0.904)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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