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Algonquin Power & Utilities Corp T.AQN

Alternate Symbol(s):  AQN | T.AQN.PR.A | AGQPF | T.AQN.PR.D

Algonquin Power & Utilities Corp. is a Canada-based diversified international generation, transmission, and distribution company. The Company through its two business groups, the Regulated Services Group, and the Renewable Energy Group, provides sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. The Company is engaged in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. The Company owns, operates, and/or has net interests in over four gigawatts (GW) of installed renewable energy capacity. The Company is focused on its expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions.


TSX:AQN - Post by User

Post by Stocknovice101on Apr 17, 2018 9:36am
114 Views
Post# 27896399

aqn add 16.5 atlantica itional and financing issued

aqn add 16.5 atlantica itional and financing issued

Algonquin Power & Utilities Corp. Agrees to Acquire Additional 16.5% of Atlantica and Announces Equity Financing

 

NEWS PROVIDED BY

Algonquin Power & Utilities Corp.

09:26 ET


OAKVILLE, ONApril 17, 2018 /CNW/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced that it has entered into an agreement with an entity related to Seville-based Abengoa S.A. ("Abengoa") (MCE:ABG) to purchase an additional 16.5% equity interest in Atlantica Yield plc ("Atlantica") (NASDAQ: AY) for a total purchase price of approximately US$345 million, based on a price of US$20.90 per  share. APUC previously acquired and currently holds an indirect 25% equity interest in Atlantica.

 

The additional acquisition is expected to close in the second or third quarter of 2018, subject to certain governmental approvals and other closing conditions. No shareholder approvals are required.

Concurrent with the commitment to acquire the additional interest in Atlantica, APUC has agreed with certain institutional investors to issue and sell approximately 37.5 million common shares of APUC (the "Shares") at a price of C$11.85 per share, for gross proceeds of approximately C$445 million (the "Offering").

The Shares are being offered and sold directly to the institutional investors by APUC without an underwriter or placement agent and no fees will be payable by APUC in such respect. The proceeds of the Offering are anticipated to be utilized for purchase of the additional 16.5% interest in Atlantica, as well as for general corporate purposes. The Offering is expected to close on or about April 24, 2018, subject to the satisfaction of customary conditions, including the approval of the Shares for listing on the Toronto Stock Exchange and the New York Stock Exchange.

The Shares are being offered pursuant to the Corporation's shelf prospectus and registration statement on Form F-10 previously filed with the U.S. Securities and Exchange Commission (the "SEC") under the U.S./Canadian multijurisdictional disclosure system. A prospectus supplement related to the Offering will be filed with the Canadian Securities Administrators and the SEC.

"This equity issuance supports APUC's measured international expansion strategy through an accretive incremental investment in Atlantica and largely addresses the common equity required for our 2018 capital investment plan," said Mr. Ian Robertson, Chief Executive Officer of APUC. "In addition to facilitating greater exposure to the attractive portfolio of Atlantica assets, we believe our equity issuance to an investor group led by one of the largest utility investors in the world represents a strong vote of confidence in APUC'S long-term strategy and growth prospects."

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


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