Algonquin Power & Utilities Corp. (APUC) is slated to acquire 100 percent of the issued and outstanding shares of Bermuda energy service provider Ascendant Group Ltd. for a cash price of $36 per share, or an aggregate price of $365 million.
During the acquisition, utility services are scheduled to continue uninterrupted for Bermuda residents and businesses. APUC says the acquisition will not impact utility rates.
After closing, Ascendant will remain headquartered in Bermuda. APUC also plans to retain existing local management and operations teams.
The transaction is expected to close in late 2019, and is subject to customary closing conditions.
APUC provides natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 customers in the United States and Canada. The company has approximately $10 billion in total assets.
