Pattern Energy Group and Canada Pension Plan Investment Board (CPPIB) have announced they have entered into a definitive agreement, pursuant to which CPPIB will acquire Pattern Energy in an all-cash transaction for US$ 26.75 per share, implying an enterprise value of approximately US$ 6.1 billion, including net debt.
CPPIB and Riverstone Holdings(Riverstone) have concurrently entered into an agreement pursuant to which, at or following the completion of the proposed acquisition of Pattern Energy by CPPIB, CPPIB and Riverstone will combine Pattern Energy and Pattern Energy Group Holdings 2 LP (Pattern Development) under common ownership, bringing together the operating assets of Pattern Energy with the development projects and capabilities of Pattern Development.
The Pattern Energy management team, led by Mike Garland, will lead the combined enterprise. The transaction is expected to close by the second quarter of 2020. Upon the completion of the transaction, Pattern Energy will become a privately held company and shares of Pattern Energy’s common stock will no longer be listed on any public market.