Sale Of Ascendant Group Is Now Completed
[Updated] The sale of Ascendant Group – the parent company of BELCO — has now been completed, the company confirmed today.
An Ascendant spokesperson said, “The sale of Ascendant Group Limited [Ascendant] to Algonquin Power & Utilities Corp. [Algonquin] has now been completed.
“Ascendant’s existing Bermudian management will continue to run the Company and its subsidiaries and a new majority Bermudian Board of Directors has been constituted which includes representatives from Algonquin. Shareholders of Ascendant can visit www.ascendant.bm for information, where final payment information will be posted.”
Ascendant’s new Board Chairman, Barclay Simmons said: “We look forward to this new chapter and the expertise Algonquin brings in renewable energy that will ensure Bermuda is well served with reliable power generation that will be cost-effective, cleaner, and more efficient.”
Update 9.53am: A statement from the Canada-based Algonquin Power & Utilities Corp said, “it has successfully completed its acquisition of Ascendant Group Limited and its subsidiaries.
“Ascendant, through its major subsidiary, Bermuda Electric Light Company Limited [BELCO], is the sole electric utility in Bermuda, providing safe and reliable regulated electrical generation, transmission and distribution services to approximately 36,000 customer connections.”
“We are pleased to welcome the employees and customers of BELCO and the Ascendant Group of Companies to the Algonquin Liberty family,” said Arun Banskota, President and Chief Executive Officer of APUC.
“We are committed to providing residents of Bermuda safe and reliable delivery of essential services, and also to leverage our commitment to sustainability as a leader in renewable energy for both the economic and environmental benefit of Bermuda.”
The company added, “As previously announced, under the terms of the all-cash transaction, Ascendant’s shareholders received U.S. $36 per common share, representing an aggregate share purchase price of approximately U.S. $365 million.”
Update 10.30am: A BSX spokesperson said, “The Bermuda Stock Exchange [BSX] announces Ascendant Group Limited has, effective today, Monday 09 November 2020, voluntarily withdrawn from its BSX listing of common shares following the acquisition of the Company by Algonquin Power & Utilities Corp.”
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“The sale of Ascendant Group – the parent company of BELCO — has now been completed”
How can this be? We were told very clearly last year by several Cabinet Ministers that they would not allow the sale of our only electricity company to any foreigners. Why did they let this happen?
Soooooo……….. A couple years back the electrical supply trade Union downed tools and demanded that the BELCO Canadian CEO be removed because they didn’t want a Canadian telling them what to do and the Bermuda Government supported the Union. Then the Canadian CEO sold BELCO to a Canadian utility and now they are being told what to do by hundreds of Canadians. And the Bermuda Government approved the sale. LMFAO!!!!!!!