October 9 (Renewables Now) - The stockholders of US renewables yieldco TerraForm Power Inc (NASDAQ:TERP) have approved the deals that will make Brookfield Asset Management Inc (TSE:BAM.A) the company’s controlling shareholder and sponsor.
Canadian asset manager Brookfield, which was already a major investor in the company at the time, announced in March that it had agreed to become TerraForm Power’s majority owner with a 51% stake.
The existing investors in TerraForm Power, created by bankrupt US renewables developer SunEdison (OTCMKTS:SUNEQ), have approved the proposed transactions at a special meeting held on October 6. They can now choose to get USD 9.52 (EUR 8.11) per share in cash or retain one share of Class A common stock in TerraForm Power for each share of its Class A common stock owned immediately prior to the merger.
The tie-up and the sponsorship transaction are expected to be completed a week from now, on October 16. The Class A stockholders of record on the closing date will also be entitled to receive a special dividend of USD 1.94 per share, immediately prior to the effective time of the merger.
Brookfield also agreed in March to take over TerraForm Power’s sister company, TerraForm Global Inc (NASDAQ:GLBL), for USD 5.10 per Class A share in cash, or a total of USD 787 million plus the assumption of some USD 455 million in net debt.
(USD 1.0 = EUR 0.852)