TORONTO - A U.K.-based investment fund is preparing to take over Capstone Infrastructure through a friendly $480-million cash deal announced Wednesday by the Toronto-based alternative-energy company (TSX:CSE).
The transaction will be done by Irving Infrastructure Corp,, owned by a fund run by London-based iCON Infrastructure.
iCON is effectively offering $4.90 cash for each Capstone share, 44 per cent above the stock's closing price on Tuesday.
The offer price is also 61 per cent above Capstone's stock price prior to its Nov. 23 announcement of a strategic review of its options.
Capstone Infrastructure's business is to make long-term investments in wind, hydro, solar and other energy projects. It currently has Canadian thermal and renewable power generating facilities capable of producing 468 megawatts of electricity.
Many of its operating facilities are in Ontario including in the Erie Shores Wind Farm and several other wind power plants and the Amherstburg Solar Park.
