Under the terms of the merger agreement, CPP Investments acquired all of the outstanding common shares of Pattern Energy for $26.75 per share in cash
Image: Canada Pension Plan Investment Board completes merger of Pattern Energy. (Credit: Pixabay/Gerd Altmann.)
Pattern Energy Group and Canada Pension Plan Investment Board (CPP Investments) today announced the completion of the previously announced merger transaction.
Under the terms of the merger agreement, CPP Investments acquired all of the outstanding common shares of Pattern Energy for $26.75 per share in cash.
“We are pleased to close this transaction and deliver to Pattern Energy stockholders compelling and certain value,” said Alan Batkin, Chairman of the Pattern Energy Board of Directors. “I want to thank my colleagues on the Special Committee of the Board for their leadership in helping guide the Company through this extensive sale process.”
“This is an exciting day for Pattern Energy. We are proud of everything we accomplished and are pleased that our stockholders have reaped the benefit of the growth of our Company into a multinational operator of world-class wind and solar assets,” said Mike Garland, CEO of Pattern Energy. “With the completion of the Transaction, we are moving forward with strong partners in CPP Investments and Riverstone, and are better positioned to advance our mission of transitioning the world to renewable energy.”
“Pattern Energy has a high-quality operating portfolio of contracted assets and an ownership interest in a strong development business, which align well with CPP Investments’ renewable energy investment strategy,” said Bruce Hogg, Managing Director, Head of Power and Renewables, CPP Investments. “We look forward to working with Pattern Energy’s management team to grow the Company by capturing opportunities presented by the increasing global demand for low-carbon energy.”
Pattern Energy’s common shares are no longer traded on NASDAQ and are expected to be delisted from the Toronto Stock Exchange shortly following the closing date of the Transaction. The Company has applied to cease to be a reporting issuer under Canadian securities laws.
Evercore and Goldman Sachs acted as independent financial advisors to Pattern Energy’s Special Committee of the Board, and Paul, Weiss, Rifkind, Wharton & Garrison served as independent legal counsel to the Special Committee of the Board.
Source: Company Press Release