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Algonquin Power & Utilities Corp. Completes Purchase of Additional Stake in Atlantica Yield plc
Algonquin Power & Utilities Corp. Completes Purchase of Additional Stake in Atlantica ...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Completes Purchase of Additional Stake in Atlantica Yield plc\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. Completes Purchase of Additional Stake in Atlantica Yield plc\nCanada NewsWire\nOAKVILLE, ON, Nov. 27, 2018\n\n\n\nOAKVILLE, ON, Nov. 27, 2018 /CNW/ - Algonquin Power & Utilities Corp. (\"APUC\") (TSX/NYSE: AQN) announced today that it has completed the previously announced purchase of an additional stake in Atlantica Yield plc (NASDAQ: AY) (\"Atlantica\") from Abengoa S.A., for a purchase price of approximately U.S.$345 million.  The purchase price is comprised of approximately U.S.$305 million paid on closing, with up to U.S.$40 million payable at a later date contingent on satisfaction of  certain conditions.  The purchase of the additional stake of 16.503 million shares brings APUC's total interest in Atlantica to approximately 41.5% of the shares outstanding and entitles a subsidiary of APUC to receive Atlantica's upcoming quarterly dividend of U.S.$0.36 per share, payable on December 14, 2018.\nAtlantica owns and operates a diverse, long-term contracted portfolio of 22 infrastructure assets including over 1.7 GW of clean power generating capacity, 1,099 miles of electric transmission lines, and two desalination plants, located in North America, South America and other selected global markets.  Atlantica's portfolio is complementary to APUC's existing operations, and APUC's commitment to international expansion is expected to strengthen Atlantica's prospects through the addition of new assets, thereby accelerating the growth of its cash available for distribution. \n\"We are pleased to have completed this transaction as an element of our international expansion strategy,\" said Ian Robertson, Chief Executive Officer of APUC.  \"This incremental investment in Atlantica deepens our interest in an attractively-priced portfolio of high quality, international operating assets, one which is accretive to APUC's earnings.\"\nAbout Algonquin Power &am...