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Algonquin closes equity offering

Algonquin Power & Utilities Corp. announced Dec. 20 that it closed an equity offering for 12,536,350 of its common shares priced at C$13.76 apiece for gross proceeds of about C$172.5 million.

The shares were sold to institutional investors without an underwriter or placement agent.

The company will use proceeds to partially fund its acquisition of Enbridge Gas New Brunswick LP and for general corporate purposes.

Enbridge Gas New Brunswick is a subsidiary of Enbridge Inc.