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Conyers advises Algonquin Power & Utilities Corp. on its US$470 million acquisition of Ascendant Group Limited’s issued and outstanding shares

Conyers advised Algonquin Power & Utilities Corp. (“APUC”) in the acquisition of all of Ascendant Group Limited’s (“Ascendant”) issued and outstanding shares. Under the terms of the all-cash transaction, which has been approved by the board of directors of each company and by the shareholders of Ascendant, Ascendant’s shareholders will receive US$36 per common share, representing an equity acquisition price of US$365 million and a closing net enterprise value of US$470 million. The agreement was signed on 3 June 2019 and the transaction is intended to close in the second half of 2019, following receipt of certain regulatory and governmental approvals.

Ascendant, through its major subsidiary, Bermuda Electric Light Company Limited, is the sole electric utility providing safe and reliable regulated electrical generation, transmission and distribution services to Bermuda.

APUC is a diversified international generation, transmission and distribution utility with approximately US$10 billion of total assets. APUC’s common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC’s common shares and Series 2018-A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.

The firm’s team was led by directors Ben Adamson, Marcello Ausenda, Graham Collis, and Chiara Nannini, counsels Francesca Fox and Kent Smith and associates Andrew Barnes, Edward Rance and Harry Kessaram.

 


Ben Adamson
Director

Bermuda   +1 441 298 7824


Marcello Ausenda
Director

Bermuda   +1 441 299 4954


Graham B.R. Collis
Director, Head of Bermuda Corporate

Bermuda   +1 441 299 4965


Chiara T. Nannini
Director

Bermuda   +1 441 298 7859



Kent Smith
Counsel

Bermuda   +1 441 299 4962


Andrew Barnes
Associate

Bermuda   +1 441 278 8054


Harry Kessaram
Associate

Bermuda   +1 441 278 7991


Edward Rance
Associate

Bermuda   +1 441 278 7904


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