Brookfield buying Terraform Global for $787M; shares up 16%
Mar. 7, 2017 7:22 AM ET|By: Stephen Alpher, SA News Editor
The all cash deal also includes the assumption of $455 in debt, giving Terraform Global (NASDAQ:GLBL) an enterprise value of $1.3B.
The $787M purchase price from Brookfield Asset Management (NYSE:BAM) works out to $5.10 per share, a 20% premium to last night's close, and about 50% more than GLBL's price in Sept. when the company put itself on the block.
The deal is expected to close in H2, subject to a number of approvals, including that of the bankruptcy court overseeing the SunEdison (OTCPK:SUNEQ) Chapter 11 case. Alongside today's sale, TerraForm and SunEdison have entered into a settlement agreement in connection with that case.
GLBL +16.5% premarket to $4.95
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