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Pattern Energy sets date for vote on merger deal

Pattern Energy Group Inc. will hold a special shareholder meeting on March 10 to vote on the company's pending merger with the Canada Pension Plan Investment Board.

Pattern Energy shareholders as of Jan. 31 will be entitled to vote during the special meeting.

Under the proposed deal which was announced in November 2019, CPPIB will acquire Pattern Energy in a two-step, all-cash transaction valued at about $2.63 billion.

CPPIB will buy Pattern Energy's outstanding stock in the first step, representing a total enterprise value of about $6.1 billion, including net debt. Pattern Energy shareholders will have the right to receive $26.75 in cash for every class A share of common stock.

In the second step, CPPIB agreed with Riverstone Holdings LLC to combine Pattern Energy and Pattern Energy Group Holdings 2 LP, or Pattern Development, into an integrated renewable energy company.

Pattern Energy's board of directors recommends a vote in favor of the merger.

Expected to close in the second quarter of 2020, the deal is subject to the shareholders approval, regulatory approvals and other customary conditions.