A UK-based investment fund is buying Canadian alternative energy outfit Capstone Infrastructure in a C$480m deal.
Irving Infrastructure, a subsidiary of iCON Infrastructure Partners III, is offering to buy all Capstone’s common shares at C$4.90 each, 44% above the 19 January closing price.
The price reflects a 61% premium to the closing share price on 23 November, when Capstone announced a strategic review with help from RBC Capital Markets and TD Securities.
Capstone supports the takeover, said board chairman V James Sardo.
“Our goal has been to grow the company to benefit from the immense opportunities in the infrastructure sector and we are pleased that iCON Infrastructure recognizes the inherent value of Capstone’s assets,” said Sardo.
The deal is subject to approval by a British Columbia court and Capstone’s security holders.
Toronto-based Capstone has investments in European utilities and operates a 468MW thermal and renewable power portfolio in Canada, including wind farms in Ontario, Quebec and Nova Scotia.
Image: Erie Shore wind farm (Capstone)
