CPPIB to Buy Pattern Energy Group for $2.63 Billion


The deal is for less than the current price of the stock

The Canada Pension Plan Investment Board (CPPIB) announced plans to buy Pattern Energy Group for $2.63 billion. CPPIB announced details of the deal for the renewable energy giant on Monday. Shareholders will receive $26.75 for the stock. That figure is actually lower than the price the stock traded for earlier in the day. In the final hour of trading on Monday, PEGI stock was off 2.5% at $27.03 per share, according to Reuters.

Pattern Energy controls wind and solar panel projects across Japan and the United States.

The Canada Pension Plan Investment Board Deal

The deal won’t close just yet. in fact, it is subject to a 35-day go-shop process. Under terms of the deal, Pattern Energy can go out and find a higher bid than the one offered by the Canada Pension Plan Investment Board.

Pattern Energy Chairman Alan Batkin has said that the company has generated interest from a number of suitors. The company formed a special committee in August to consider a number of bids. Given the surge of interest in ESG funds and renewable energy projects, a number of alternative investment firms are looking at potential acquisitions.

The CPPIB has been busy this year. The firm purchased the Canadian assets of NextEra Energy Partners. It also took a deal with Enbridge to purchase stakes in North American and German power projects.

Related: Refinitiv: Sovereign Wealth Funds Put $24.6 Billion into Q3 M&A Deals


Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News

FinTech: Klarna’s All-In Efforts To Achieve Profitability Getting Traction
May 26, 2023     FinTech, News

Swedish fintech company Klarna achieved a significant improvement in its financial performance during the first quarter, as it halved its net loss compared to the same period last year. The…

Alternative Investments/AI: Euclidean Technologies Launches ETF For AI-Selected Value Stocks

Seattle-based investment advisor Euclidean Technologies Management has launched its first exchange-traded fund (ETF), the Euclidean Fundamental Value ETF (ECML US). The actively managed US equity fund utilizes artificial intelligence (AI)…

Venture Capital: Matrix Partners Raises $550M For Its Fourth India Fund
May 26, 2023     News, Venture Capital

Matrix Partners India, a venture capital firm focused on investments in India, has announced the closure of its latest fund, securing over $550 million in commitments. This new fund from…

Artificial Intelligence: AI Helps Researchers Find A Compound To Kill The Drug-Resistant A. baumannii Bacterium

Scientists at MIT and McMaster University have used artificial intelligence (AI) to identify a new antibiotic that can combat drug-resistant infections caused by Acinetobacter baumannii. The bacterium is commonly found…