SAN FRANCISCO and TORONTO, March 16,
2020 /CNW/ -- Pattern Energy Group Inc. (NASDAQ
and TSX: PEGI) ("Pattern Energy" or "the Company") and Canada
Pension Plan Investment Board ("CPP Investments") today announced
the completion of the previously announced merger transaction (the
"Transaction"). Under the terms of the merger agreement, CPP
Investments acquired all of the outstanding common shares of
Pattern Energy for $26.75 per share
in cash.
"We are pleased to close this transaction and deliver to Pattern
Energy stockholders compelling and certain value," said
Alan Batkin, Chairman of the Pattern
Energy Board of Directors. "I want to thank my colleagues on the
Special Committee of the Board for their leadership in helping
guide the Company through this extensive sale process."
"This is an exciting day for Pattern Energy. We are proud of
everything we accomplished and are pleased that our stockholders
have reaped the benefit of the growth of our Company into a
multinational operator of world-class wind and solar assets," said
Mike Garland, CEO of Pattern Energy.
"With the completion of the Transaction, we are moving forward with
strong partners in CPP Investments and Riverstone, and are better
positioned to advance our mission of transitioning the world to
renewable energy."
"Pattern Energy has a high-quality operating portfolio of
contracted assets and an ownership interest in a strong development
business, which align well with CPP Investments' renewable energy
investment strategy," said Bruce
Hogg, Managing Director, Head of Power and Renewables, CPP
Investments. "We look forward to working with Pattern Energy's
management team to grow the Company by capturing opportunities
presented by the increasing global demand for low-carbon energy."
Pattern Energy's common shares are no longer traded on NASDAQ
and are expected to be delisted from the Toronto Stock Exchange
shortly following the closing date of the Transaction. The Company
has applied to cease to be a reporting issuer under Canadian
securities laws.
Evercore and Goldman Sachs & Co. LLC acted as independent
financial advisors to Pattern Energy's Special Committee of the
Board, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served
as independent legal counsel to the Special Committee of the
Board.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is a renewable energy
company with a portfolio of 28 renewable energy projects that use
proven, best-in-class technology and have an operating capacity of
4.4 GW in the United States, Canada and Japan.
For more information, visit www.patternenergy.com.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a
professional investment management organization that invests the
funds not needed by the Canada Pension Plan (CPP) to pay current
benefits in the best interests of 20 million contributors and
beneficiaries. In order to build diversified portfolios of assets,
investments in public equities, private equities, real estate,
infrastructure and fixed income instruments are made by CPP
Investments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York
City, San Francisco, São
Paulo and Sydney, CPP Investments
is governed and managed independently of the Canada Pension Plan
and at arm's length from governments. At December 31, 2019, the CPP Fund totalled
C$420.4 billion. For more information
about CPP Investments, please visit www.cppinvestments.com or
follow us on LinkedIn, Facebook or Twitter.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of Canadian securities laws,
including statements regarding, the ability of the Company to
advance its mission to bring renewable energy to communities, the
ability of the Company to grow by capturing opportunities presented
by demand for low-carbon energy, and similar statements. These
forward-looking statements represent the Company's expectations or
beliefs concerning future events, and it is possible that the
results described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of the Company's control,
which could cause actual results to differ materially from the
results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Company does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for the Company to predict all such factors.
When considering these forward-looking statements, you should keep
in mind the risk factors and other cautionary statements in the
Company's annual report on Form 10-K and any quarterly reports on
Form 10-Q. The risk factors and other factors noted therein could
cause actual events or the Company's actual results to differ
materially from those contained in any forward-looking
statement.
Pattern Energy
Media Contact
Matt
Dallas
917 363 1333
matt.dallas@patternenergy.com
Investor Relations
Ross
Marshall
416 526 1563
ross.marshall@loderockadvisors.com
CPP Investments
Steve
McCool, Corporate Communications
+44 20 3947 3002
smccool@cppib.com
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SOURCE Pattern Energy Group Inc.