Conyers Advise Algonquin Regarding Ascendant

September 5, 2019 | 0 Comments

Law firm Conyers advised Algonquin Power & Utilities Corp. [APUC] in the acquisition of all of Ascendant Group Limited’s issued and outstanding shares.

“Under the terms of the all-cash transaction, which has been approved by the board of directors of each company and by the shareholders of Ascendant, Ascendant’s shareholders will receive US$36 per common share, representing an equity acquisition price of US$365 million and a closing net enterprise value of US$470 million,” Conyers noted.

“The agreement was signed on 3 June 2019 and the transaction is intended to close in the second half of 2019, following receipt of certain regulatory and governmental approvals.

Ascendant is the parent company of the Bermuda Electric Light Company Limited [BELCO], the sole electric utility in Bermuda.

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