March 11 (Renewables Now) - The shareholders of Pattern Energy Group Inc (NASDAQ:PEGI) have given the thumbs-up to the company’s agreed takeover by Canada Pension Plan Investment Board (CPPIB).
Pattern Energy has all approvals to close the deal after the Tuesday vote. Completion is expected to take place shortly, it added.
The takeover by CPPIB was initially agreed in November 2019 when the Canadian investor proposed to take Pattern Energy private at an enterprise value of about USD 6.1 billion (EUR 5.37bn), including debt. The acquisition was met with considerable opposition by minority investor Water Island Capital LLC, which said that the offered price of USD 26.75 per share did not offer fair value to Pattern Energy's shareholders.
Presently, Pattern Energy has a portfolio of 28 wind and solar parks with an operating capacity of 4.4 GW, located in the US, Canada and Japan.
For the CPPIB transaction, Evercore and Goldman Sachs & Co LLC served as independent financial advisors to the special committee of the board, while Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as independent legal counsel.
(USD 1.0 = EUR 0.880)