Herbert Smith Freehills and Pinsent Masons advise on €536m Abengoa-Algonquin deal

Herbert Smith Freehills advised Abengoa on the sale of a 25 per cent stake in Atlantica Yield to Algonquin Power & Utilities Corporation, which was advised by Pinsent Masons.

The deal was valued at €536 million, according to Mergermarket. Algonquin was also advised by Husch Blackwell on the deal.

Algonquin acquired the stake at a price of $24.25 per share, which implies a total equity value of Atlantica Yield of $2,430 million. Upon the transaction being finalised, Algonquin will be Atlantica’s largest  shareholder.  Abengoa intends  to  sell  its remaining 16.5 per cent stake in the coming months, subject to approval by the United States Department of Energy.  Algonquin has an option to purchase this remaining stake until March 2018.

Atlantica Yield owns a portfolio of renewable energy, power generation, electric transmission and water assets in  North America,  South  America,  as well as markets  in  Europe, the Middle East and Africa.