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Valener secures final approval for C$1.2B deal with Noverco

Valener Inc. cleared the final regulatory hurdle for its pending C$1.2 billion acquisition by Noverco Inc. after securing approval from the Vermont Public Utility Commission.

Under the deal, which is scheduled to close by Sept. 27, Noverco will buy Valener's common shares for C$26 per share and its preferred shares for C$25 per share, plus accrued and unpaid dividends.

The deal was approved by the Federal Energy Regulatory Commission on May 31 and by Valener's shareholders on June 11.

Valener will file the articles of arrangement with the Director of Corporations Canada within five business days, according to a Sept. 23 company news release.

The company expects its common shares and preferred shares to be delisted from the Toronto Stock Exchange in the coming days. Valener also requested to stop being a reporting issuer in all Canadian provinces under applicable securities law regulation.