TransAlta Corporation has taken TransAlta Renewables into private ownership by acquiring its remaining common shares in the listed developer.
The TransAlta Renewables will be delisted from the Toronto Stock Exchange and the developer will submit an application to cease to be a reporting issuer in each of the provinces of Canada under National Policy 11-206 Process for Cease to be a Reporting Issuer Applications promptly upon the delisting of the shares.
Common shares of TransAlta will continue to trade on both the New York Stock Exchange and the Toronto Stock Exchange under the symbols TAC and TA, respectively.
As a result of the agreement, certain TransAlta Renewables directors have resigned, and TransAlta has appointed two of its employees to serve on the board of directors.
John Kousinioris, president and chief executive of TransAlta, said: “The closing of the acquisition of TransAlta Renewables represents a key milestone for TransAlta with our simplified and unified corporate structure positioning the Company well for future success.
“The combined company will unify our assets, capital, and capabilities to enhance cash flow predictability while enhancing our ability to realize future growth.”