Atlantica Enters into Agreement to be Acquired by Energy Capital Partners and Co-Investors

Core Viewpoint - Atlantica Sustainable Infrastructure plc has entered into a definitive agreement to be acquired by Energy Capital Partners and co-investors for $22 per share in cash, representing a significant premium over recent trading prices [1][2]. Transaction Details - The purchase price of $22 per share reflects an 18.9% premium to Atlantica's closing share price on April 22, 2024, and a 21.8% premium to the 30-day volume weighted average trading price as of the same date [2]. - The transaction values Atlantica at an equity value of approximately $2,555 million [2]. - The acquisition will be executed through a scheme of arrangement under the U.K. Companies Act 2006, with Algonquin Power & Utilities Corp. and Liberty (AY Holdings), B.V. supporting the transaction by voting their 42.2% shareholding in favor of the scheme [2][5]. Strategic Rationale - The transaction is described as the result of a comprehensive strategic review process, with the board concluding it represents the best value-maximizing alternative for shareholders [3]. - Atlantica's CEO expressed confidence in continuing the company's growth strategy as a private entity, supported by ECP's expertise in sustainable infrastructure [3]. Future Outlook - The transaction is expected to close in the fourth quarter of 2024 or early first quarter of 2025, after obtaining necessary shareholder and regulatory approvals [5]. - Upon completion, Atlantica will become a privately held company, and its shares will no longer be publicly traded [5]. Company Background - Atlantica Sustainable Infrastructure plc operates a diversified portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission, and water assets across North & South America and certain EMEA markets [14]. - Energy Capital Partners, founded in 2005, is a leading investor in energy transition and decarbonization infrastructure, with a strong track record in equity and credit transactions [15].