Algonquin Power & Utilities Corp. (“AQN” or the “Company”) announced it has completed the sale of its 42.2% equity interest in Atlantica Sustainable Infrastructure plc (“Atlantica”).
“We are pleased with the timely and effective execution of this transaction,” said Chris Huskilson, Chief Executive Officer of AQN. “One of my main priorities since the beginning of my tenure as CEO was to optimize the value of our investment of Atlantica, and with the completion of the sale today we have realized that goal. While there is more work to do, this also marks a pivotal step in AQN’s strategic transition to becoming a pure-play regulated utility company with a more focused and simplified structure and investment thesis.”
AQN intends to use the net proceeds from the sale to help reduce debt and recapitalize its balance sheet as part of its ongoing strategic transition to a pure play regulated utility.
J.P. Morgan Securities LLC served as the exclusive financial advisor to AQN, and Weil, Gotshal & Manges LLP acted as legal advisor to AQN in connection with the transaction.
