Clifford Chance advised Ascendant Group Limited ("Ascendant") in the sale of all of its issued and outstanding shares to Algonquin Power & Utilities Corp. ("Algonquin"). The transaction represents a closing net enterprise value of $470 million and an equity acquisition price of $365 million. The agreement was signed on June 3, 2019, and transaction closing is expected to occur in the second half of 2019, following receipt of shareholder and regulatory approvals.
Ascendant is a Bermuda-based, publicly traded provider of energy and energy-related services. Ascendant is the parent company of Bermuda Electric Light Company Limited ("BELCO"), the sole utility providing generation, transmission and distribution services to Bermuda’s 63,000 residents and businesses. Algonquin is an established renewable energy and utility group, with North American assets in excess of $10 billion.
The firm's team was led by Corporate partners Gary Boss and John Healy and included Tax partner Mike Seaton, Employee Benefits partner Howard Adler and associates Dean Agnos, Neil Barlow and Laura Loaiza.