Atlantica Sustainable Infrastructure plc to be acquired by Energy Capital Partners and Co-Investors for $22 per share in cash (23.42)
- The co as entered into a definitive agreement pursuant to which a private limited company incorporated in England and Wales ("Bidco") has agreed, subject to the terms of the Transaction Agreement, to acquire 100% of the shares of Atlantica for $22 per share in cash. Bidco is controlled by Energy Capital Partners ("ECP"), a leading investor across energy transition, electrification and decarbonization infrastructure assets, and includes a large group of institutional co-investors. The purchase price represents an 18.9% premium to Atlantica's closing share price on April 22, 2024, the last trading day prior to the emergence of market rumors regarding a potential acquisition of the Company. Further, the purchase price represents a 21.8% premium to the 30-day volume weighted average trading price as of April 22, 2024. The transaction values Atlantica at an equity value of approximately $2,555 million. The transaction is to be completed pursuant to a scheme of arrangement (the "Scheme") under the U.K. Companies Act 2006.
- Algonquin Power & Utilities Corp. (AQN) and Liberty (AY Holdings), B.V. (collectively, "Algonquin"), which hold approximately 42.2% of Atlantica's shares, have entered into a support agreement with Bidco pursuant to which Algonquin has agreed, subject to the terms of that agreement, to vote its shares in favor of the Scheme.
- The transaction is expected to close in the fourth quarter of 2024 or early first quarter of 2025. Upon the completion of the transaction, Atlantica will become a privately held company and its shares will no longer be listed on any public market. Atlantica expects to continue paying its current quarterly dividend of $0.445 per share through to the closing of the transaction, subject to the approval of its board of directors at the relevant times.