Edition:
India

INNERGEX RENEWABLE ENERGY TO ACQUIRE ALTERRA POWER CORP


Tuesday, 31 Oct 2017 

Oct 30 (Reuters) - Innergex Renewable Energy ::INNERGEX RENEWABLE ENERGY TO ACQUIRE ALTERRA POWER CORP..INNERGEX RENEWABLE ENERGY INC - DEAL FOR ‍$1.1 BILLION​.INNERGEX - ‍ALTERRA SHAREHOLDERS TO RECEIVE $8.25 PER ALTERRA COMMON SHARE, PAYABLE IN $2.06 CASH AND 0.4172 OF A COMMON SHARE OF INNERGEX​.INNERGEX RENEWABLE ENERGY - DEAL TO BE ACCRETIVE TO CO'S DISTRIBUTABLE CASH FLOW/SHARE UPON COMPLETION OF ALTERRA'S PROJECTS CURRENTLY UNDER CONSTRUCTION​.INNERGEX - DEAL ‍PROVIDES FOR NON-SOLICITATION COVENANTS ON PART OF ALTERRA, RIGHT IN FAVOUR OF CO TO MATCH UNSOLICITED SUPERIOR PROPOSAL​.INNERGEX RENEWABLE ENERGY INC - ‍PURSUANT TO DEAL, ALTERRA SHAREHOLDERS TO GET CONSIDERATION CONSISTING ABOUT 25% CASH, 75% COMMON SHARES OF INNERGEX​.INNERGEX RENEWABLE ENERGY - ‍ONE MEMBER OF CURRENT BOARD OF DIRECTORS OF ALTERRA WILL JOIN BOARD OF DIRECTORS OF INNERGEX UPON CLOSING OF TRANSACTION​.INNERGEX- CO TO RECEIVE TERMINATION FEE OF ABOUT $18 MILLION FROM ALTERRA IN EVENT OF TERMINATION OF DEAL UNDER CERTAIN CIRCUMSTANCES.INNERGEX RENEWABLE ENERGY - DEAL TO BE FULLY FUNDED AND SUPPORTED BY A NEW SUBORDINATED UNSECURED LOAN FROM CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC​.INNERGEX - CO TO BUY ALL ISSUED, OUTSTANDING COMMON SHARES OF ALTERRA FOR AGGREGATE CONSIDERATION OF $1.1 BILLION, INCLUDING ASSUMPTION OF ALTERRA'S DEBT​. 

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