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Pattern Energy's 'go-shop period' in proposed acquisition ends without offers

Pattern Energy Group Inc.'s 35-day "go-shop period" as part of its merger deal with the Canada Pension Plan Investment Board expired.

Under the transaction, announced Nov. 4, the Canadian pension fund will take Pattern Energy private in an all-cash transaction for about $2.63 billion.

During the go-shop period, Pattern Energy contacted 16 bidders and did not receive a response that could translate into a potential alternative transaction, it said Dec. 9.

The pension board's proposal to acquire Pattern Energy involves two steps. First, the board will acquire Pattern Energy's outstanding stock, representing a total enterprise value of about $6.1 billion, including net debt.

In a second step, the pension fund entered into an agreement 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 has a portfolio of 28 renewable energy projects with an operating capacity of 4.4 GW in the U.S., Canada and Japan.

The transaction is subject to regulatory approvals, including that of the Federal Energy Regulatory Commission. Pattern expects the transaction to close in the second quarter of 2020.