Ascendant, through its major subsidiary, Bermuda Electric Light Company Limited (“BELCO”), is the sole electric utility in Bermuda, providing safe and reliable regulated electrical generation, transmission and distribution services to approximately 36,000 customer connections.
APUC is a diversified international generation, transmission, and distribution utility with approximately $11 billion of total assets.
Under the terms of the all-cash transaction, Ascendant’s shareholders received U.S.$36 per common share, representing an aggregate share purchase price of approximately U.S.$365 million.
Ascendant’s existing Bermudian management will continue to run the Company and its subsidiaries and a new majority Bermudian Board of Directors has been constituted which includes representatives from Algonquin.
Appleby led the Bermuda aspects of the transaction from initial strategic considerations through to completion of the transaction on 9 November 2020.