Business
Algonquin Power & Utilities Corp. Agrees to Acquire Bermuda Electric Light Company
Algonquin Power & Utilities Corp. Agrees to Acquire Bermuda Electric Light Company ...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Agrees to Acquire Bermuda Electric Light Company\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAlgonquin Power & Utilities Corp. Agrees to Acquire Bermuda Electric Light Company\nCanada NewsWire\nOAKVILLE, ON, June 3, 2019\n\n\n\nTransaction continues APUC's growth program through further expansion of its regulated utility business in a high quality jurisdiction\nThis news release constitutes a \"designated news release\" for the purposes of APUC's prospectus supplement dated February 28, 2019 to its short form base shelf prospectus dated September 18, 2018.\nHighlights:\nAlgonquin Power & Utilities Corp. (\"APUC\") to acquire 100% of the issued and outstanding common shares of Ascendant Group Limited (\"Ascendant\"), parent company of Bermuda Electric Light Company, serving Bermuda's 63,000 residents and businesses Equity acquisition price of U.S. $365 million, expected to be immediately accretive to APUC's 2020 earnings per share Implied expected closing net enterprise value of U.S. $470 million represents an attractive 7.3x multiple of forecast 2020 EBITDA High-quality regulated utility acquisition represents continued execution of APUC's international expansion strategy Consistent with APUC's commitment to growth and sustainability, this acquisition provides the opportunity to capitalize on APUC's core competencies of responsible utility ownership and renewable energy development for the economic and environmental benefit of BermudaAscendant will maintain its headquarters in Bermuda after the acquisition. APUC is committed to retaining and developing the existing experienced management and talented operations  team to continue providing customers with safe, reliable and cost effective utility services Transaction closing is expected to occur in late 2019, following receipt of shareholder and regulatory approvals OAKVILLE, ON, June 3, 2019 /CNW/ - Algonquin Power & Utilities Corp. (\"APUC\") (TSX/ NYSE:AQN) announced the execution of an implementation agreement with the Ascendant Group Limited (\"Ascenda...