BELCO provides safe and reliable regulated electrical generation, transmission and distribution services to approximately 36,000 customer connections
Algonquin Power & Utilities announced that it has successfully completed its acquisition of Ascendant Group Limited (“Ascendant”) 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.”
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.
Source: Company Press Release