TerraForm Global Inc (NASDAQ:GLBL) on Tuesday made use of its right to extend the termination date under its merger deal with an affiliate of Brookfield Asset Management Inc (TSE:BAM.A) to March 6, 2018.
The Canadian asset manager agreed to take over US renewables yieldco TerraForm Global in March 2017 for USD 787 million (EUR 667m) in cash plus the assumption of some USD 455 million in net debt.
When announcing that the transaction has been cleared by its stockholders in mid-November, TerraForm Global noted that it was still pending the final dismissal with prejudice or settlement of certain securities litigation cases. The original agreement included a termination date of December 6 and the above-mentioned option for an extension.
Regardless of the fact that the deadline is pushed back to March 6, 2018, the company expects the transaction to wrap up no later than December 29, 2017, it said.