Brookfield Renewable Confirms Massive Renewable Energy Merger With TerraForm Power
Brookfield Renewable Partners (NYSE: BEP), a subsidiary of asset management company Brookfield Asset Management (NYSE: BAM), has finally struck a deal to acquire TerraForm Power (NASDAQ: TERP), or the roughly 38% stake that it and its affiliates don't already own in the company. The combined entity will be one of the world's largest renewable energy companies.
The acquisition was already in the works, with Brookfield first proposing to acquire 100% ownership in TerraForm in January in an all-stock deal. The latest deal has some changed terms and is expected to close in the third quarter.
Brookfield will acquire each share in TerraForm for a consideration equivalent to 0.381 shares (also called units) of Brookfield, a hike from the 0.36 that was proposed earlier.
Source Fool.com
