Pattern Energy To Be Taken Private By CPPIB In $6.1 Bln Deal

(RTTNews) - Pattern Energy Group Inc. (PEGI, PEGI.TO) agreed to be acquired by Canada Pension Plan Investment Board or "CPPIB" in an all-cash transaction for $26.75 per share, implying an enterprise value of about $6.1 billion, including net debt.

Pattern Energy will become a privately held company and shares of Pattern Energy's common stock will no longer be listed on any public market. Pattern Energy will continue paying its quarterly dividend through the transaction close.

As per the terms of the merger agreement, Pattern Energy shareholders will receive $26.75 in cash consideration for each share of Pattern Energy, representing a premium of about 14.8% to Pattern Energy's closing share price on August 9, 2019, the last trading day prior to market rumors regarding a potential acquisition of the Company.

The transaction is expected to close by the second quarter of 2020.