June 8 (Renewables Now) - TerraForm Power Inc (NASDAQ:TERP) has secured a 95.28% stake in fellow renewables yieldco Saeta Yield SA (BME:SAY) through its tender offer, according to a regulatory filing.
As previously announced, the acceptance period for the tender bid of USD 12.20 (EUR 10.37) per share in cash has closed and TerraForm Power expects to finalise the transaction next week.
The US renewable power plants operator, which is controlled by Canada’s Brookfield Asset Management Inc (TSE:BAM.A), announced in February a plan to acquire and delist Spain-based Saeta through a voluntary tender bid. The tender offer got clearance from CNMV in April.
The acquisition of Saeta will bring in a 1-GW portfolio of wind and solar capacity and will be highly accretive to TerraForm Power shareholders, the buyer said on Monday. Saeta’s previous major shareholders included construction group Actividades de Construccion y Servicios SA (BME:ACS) and Global Infrastructure Partners.
(USD 1.0 = EUR 0.850)