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.

Partner Steven Rees Davies led the Bermuda aspects of the transaction from initial strategic considerations through to completion of the transaction on 9 November 2020.

Share
Twitter LinkedIn Email Save as PDF
More Deals
16 Nov 2020 | Deals

Appleby acted as Bermuda counsel for Chaucer

Appleby acted as Bermuda counsel for Chaucer, the international specialty (re)insurance group, in th...

Contributors: John Small
3 Nov 2020 | Deals

Appleby Bermuda advised Argo Group in the sale of Ariel Re

Our Bermuda team advised Argo Group International Holdings, Ltd., an underwriter of specialty insura...

3 Nov 2020 | Deals

Appleby Bermuda advised Integral ILS Ltd. in connection with a significant cornerstone investment

Appleby advised Integral ILS Ltd., an independent alternative fund manager focused on insurance-link...

1 Oct 2020 | Deals

Appleby advised Bittrex Global on acquiring their Digital Asset Business License to operate their cryptocurrency exchange from Bermuda

Appleby acted as Bittrex Global GmbH’s Bermuda counsel, on their application for a Class F Digital...

24 Sep 2020 | Deals

Appleby acted as Bermuda counsel for the Hashdex Nasdaq Crypto Index ETF

The world's first exchange-traded fund designed to track digital assets investments has been approve...

28 Jul 2020 | Deals

Appleby Bermuda advised PGGM in relation to an investment into Swiss Re’s sidecar vehicle, Viaduct Re Ltd.

Appleby acted as Bermuda counsel to PGGM Vermogensbeheer B.V., a cooperative Dutch pension fund serv...

Contributors: Josephine Noddings
11 Jun 2020 | Deals

Appleby Bermuda advised Normandy Limited in respect of its merger with Caribbean Investment Holdings Limited

Appleby Bermuda advised Normandy Limited in respect of its merger with Caribbean Investment Holdings...

Contributors: Jamie Rego
14 Apr 2020 | Deals

Appleby Bermuda advised Global Atlantic in their launch of Ivy, a USD1 billion reinsurance co-investment vehicle

Appleby acted as Bermuda counsel to Global Atlantic Financial Group Limited (Global Atlantic), a lea...

9 Apr 2020 | Deals

Appleby Bermuda advised Relm in the launch of its operation to offer insurance cover for cryptocurrency and cannabis businesses

Appleby advised Relm, the innovative insurer of emerging business categories, which is owned by Delt...

7 Apr 2020 | Deals

Appleby Bermuda assists Credit Suisse with USD461 million Operational Re cat bond coverage

Appleby has assisted with a third catastrophe bond issuance offering Credit Suisse protection for it...

Contributors: Matthew Carr