Pattern Energy and CPP Investments Complete Merger Transaction

Pattern Energy Group and CPP Investments have announced the completion of the previously announced merger transaction

Pattern Energy CPP Investments

Pattern Energy Group and Canada Pension Plan Investment Board (CPP Investments) have announced the completion of the previously announced merger transaction. Under the terms of the merger agreement, CPP Investments acquired all of the outstanding common shares of Pattern Energy for USD 26.75 per share in cash.

“We are pleased to close this transaction and deliver to Pattern Energy stockholders compelling and certain value,” said Alan Batkin, Chairman of the Pattern Energy Board of Directors. “I want to thank my colleagues on the Special Committee of the Board for their leadership in helping guide the Company through this extensive sale process.”

Pattern Energy has a high-quality operating portfolio of contracted assets and an ownership interest in the strong development business, which aligns well with CPP Investments’ renewable energy investment strategy said Bruce Hogg, Managing Director, Head of Power and Renewables, CPP Investments. “We look forward to working with Pattern Energy’s management team to grow the Company by capturing opportunities presented by the increasing global demand for low-carbon energy.”

Evercore and Goldman Sachs & Co. LLC acted as independent financial advisors to Pattern Energy’s Special Committee of the Board, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as independent legal counsel to the Special Committee of the Board.

“This is an exciting day for Pattern Energy. We are proud of everything we accomplished and are pleased that our stockholders have reaped the benefit of the growth of our Company into a multinational operator of world-class wind and solar assets,” said Mike Garland, CEO of Pattern Energy. “With the completion of the Transaction, we are moving forward with strong partners in CPP Investments and Riverstone, and are better positioned to advance our mission of transitioning the world to renewable energy.”

In November 2019, we had reported that CPPIB had entered into a definitive agreement to buy Pattern Energy in an all-cash transaction for USD 26.75 per share, implying an enterprise value of approximately USD 6.1 billion, including net debt.

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Ayush Verma

Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.

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