TerraForm Power Shareholders Approve Merger With Brookfield Renewable

Shareholders of TerraForm Power (NASDAQ: TERP) have voted in favor of merging with Brookfield Renewable Partners (NYSE: BEP), according to an announcement by both companies. As a result, Brookfield Renewable will acquire all the outstanding shares of TerraForm that it doesn't already own (it currently holds a 62% stake in the renewable energy producer).

The companies expect the all-equity merger to close on July 31. Current shareholders of TerraForm had the option to either receive 0.47625 units of Brookfield Renewable Partners or the same number of shares in the newly formed Brookfield Renewable Corporation. 

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Source Fool.com