Algonquin Power to buy power utility in Bermuda for US$365 million

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OAKVILLE, Ont. — Algonquin Power & Utilities Corp. has signed a deal to buy Ascendant Group Ltd., the parent company of Bermuda Electric Light Co., for US$365 million.

Algonquin chief executive Ian Robertson says the deal builds materially on the company’s international growth program.

Bermuda Electric Light serves 63,000 residents and businesses in Bermuda.

Under the deal, Ascendant will maintain its headquarters in Bermuda.

Algonquin also says it is committed to retaining and developing the existing management and operations team at the company.

The deal, which is subject to shareholder and regulator approvals, is expected to close late this year.

 

Companies in this story: (TSX:AQN)

 

The Canadian Press

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