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.