I Squared Capital Advisors (US) LLC (“I Squared Capital”) acquired Atlantic Power Corporation (“APC”), an independent power producer with operations in eleven U.S. states and two Canadian provinces, in a go-private transaction with a total enterprise value of approximately US$961 million. The transaction was completed pursuant to an arrangement agreement entered into on Jan. 14, 2021 by affiliates of infrastructure funds managed by I Squared Capital and APC, pursuant to which APC’s outstanding common shares and the outstanding preferred shares and medium term notes of certain of APC’s subsidiaries were acquired. Concurrent with the closing of the transaction, all outstanding convertible debentures of APC were defeased.
The transaction was announced on Jan. 14, 2021 and closed on May 14, 2021. The enterprise value was US$961 million.
Stikeman Elliott LLP acted for I Squared Capital Advisors (US) LLC with a team including
Daniel Gralnick (energy regulation),
Olivier Elmoznino (M&A),
Genevieve Beebe (tax),
Melissa Morton (competition, regulatory),
Philippe Bernier-Cormier (debt finance),
Alyson Marta (pensions and benefits),
Lucy Carruthers (labour),
Simon Maine (real estate),
Stephanie Lapierre (litigation).
Sidley Austin LLP was U.S. counsel to I Squared Capital.
Cleary Gottlieb Steen & Hamilton LLP was U.S. counsel to APC.
Goodmans LLP was Canadian counsel to APC with a team led by
Robert Vaux (M&A),
and which included
Jamie Van Diepen (M&A),
Bill Gorman (M&A),
Jon Northup (tax),
Ken Saddington (tax),
Chris Baxter (tax),
Matthew Prager (M&A),
Gail Jaffe (M&A),
Laura Fraser (M&A),
Zachary Hershenfeld (M&A),
Tom Friedland (litigation),
Mark Leonard (litigation),
David Rosner (competition),
Peter Ruby (energy regulation),
Scott Kerr (energy regulation),
Susan Garvie (employment),
David Nadler (banking).
See the news release here.