M&A · Energy · Electric, Gas & Sanitary Services
I Squared Capital to acquire Atlantic Power Corp
Announced Jan 14, 2021 · Closed May 14, 2021
Deal value$961MEV $961M
Premium43.6%To unaffected price
EV / Adj. EBITDA13.3x3.6x EV / Revenue
ConsiderationAll cash$3.03 per share
Transaction
- Acquirer
- I Squared Capital
- Target
- Atlantic Power Corp (AT)
- Buyer type
- Private equity
- Offer price per share
- $3.03
- Enterprise value
- $961M
- Status
- Closed May 14, 2021
Deal protections
- Break fee (target pays)
- $37.0M · 3.9%
- Reverse fee (buyer pays)
- $15.0M · 1.6%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- RBC Capital Markets
- To the target
- Goldman Sachs
Sector context · Energy
- Comparable deals
- 5 in the prior 24 months
- Premium
- 43.6% vs. 39.4% sector median
- EV / Adj. EBITDA
- 13.3x vs. 4.7x sector median
- Break fee
- 3.9% vs. 2.7% sector median
Timeline
- AnnouncedJan 14, 2021
- Proxy filedFeb 19, 2021
- Definitive proxyMar 2, 2021
- Shareholder voteApr 7, 2021
- ClosedMay 14, 2021