Why Brookfield Renewable Partners' Shares Rose as Much as 5% Today
Shares of clean energy producer and developer Brookfield Renewable Partners (NYSE: BEP) rose just over 5% at one point on Wednesday. The partnership's sister entity Brookfield Renewable Corporation (NYSE: BEPC) also moved higher, just not quite as dramatically. The big story was an acquisition that was announced today.
Normally when a company buys another one, the stock of the acquiring entity falls. That makes sense because the buyer has to come up with the money for the purchase. However, when Wall Street really likes a deal's long-term potential, it will buck that trend and send the buyer's shares up.
That's exactly what happened today with Brookfield Renewable Partners, which announced that it was buying clean-power developer Urban Grid.
Source Fool.com
