Atlantica Sustainable to be bought by Energy Capital Partners for $22/share

Atlantica Sustainable Infrastructure (NASDAQ:AY) -7.5% pre-market Tuesday after saying it agreed to be acquired by Energy Capital Partners for $22/share in cash, a deal that would take Atlantica private and values the company at ~$2.55B.

The purchase price represents an 18.9% premium to Atlantica’s (AY) closing share price on April 22, the last trading day prior to the emergence of market rumors regarding a potential acquisition, but a 6% discount to Friday’s $23.42 closing price.

Algonquin Power & Utilities (AQN), which combined with its Liberty B.V. subsidiary owns 42.2% of Atlantica (AY), said it will vote in favor of the deal terms.

Energy Capital “has a long track record and expertise in the sustainable infrastructure sector and, together with its global co-investors, will enhance Atlantica’s ability to finance and deliver growth while maintaining our focus on safety, sustainability and value creation,” Atlantica (AY) CEO Santiago Seage said.