Algonquin Power & Utilities (TSE:AQN) has released an update.
Algonquin Power & Utilities Corp. (AQN) has backed Energy Capital Partners’ bid to acquire Atlantica Sustainable Infrastructure plc, supporting a cash purchase of Atlantica’s shares at a significant premium. With this move, AQN intends to sell its 42.2% stake in Atlantica for around $1.077 billion, aiming to reduce its debt and focus on becoming a pure-play regulated utility. The transaction is expected to close between late 2024 and early 2025, subject to shareholder and regulatory approvals.
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