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Alterra Power shareholders approve acquisition by Innergex

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Alterra Power shareholders approve acquisition by Innergex

Alterra Power Corp. shareholders overwhelmingly approved the company's C$1.1 billion acquisition by Innergex Renewable Energy Inc.

The transaction secured 99.89% of the 32,994,488 votes cast by the shareholders, according to a Dec. 14 news release. Under the deal, announced Oct. 30, Innergex will pay C$8.25 per share in a combination of cash and stock for the Vancouver, British Columbia-headquartered company. Alterra shareholders will receive C$2.06 in cash and 0.4172 of a common share of Innergex.

Alterra said it will seek a final order from the Supreme Court of British Columbia approving the transaction by Dec. 18. The company also is in the process of securing various regulatory approvals, including the Federal Energy Regulatory Commission, and key third-party consents. The transaction is not subject to approval by Innergex shareholders.

The deal is expected to close in the first quarter of 2018.