Offer to Privatize Valener: Energir's Reaction Français

Source Press Release
Company Caisse de dépôt et placement du Québec 
Tags Power, Corporate Deals, Deals, Renewable Energy, Refining & Marketing Activities
Date March 27, 2019

Énergir, L.P. ("Énergir") took note of the fact that Valener Inc. ("Valener") has entered into a definitive arrangement agreement with Noverco Inc. ("Noverco") contemplating the indirect acquisition, by Noverco, of the common and preferred shares of Valener. Currently, Valener holds 29% of Énergir's units, whereas 71% is held indirectly by Noverco.

Noverco's shareholdings are held indirectly by the Caisse de dépôt et placement du Québec (CDPQ), the Fonds de solidarité FTQ, the British Columbia Investment Management Corporation (BCI) and the Régime de retraite de l'Université du Québec, and by  Enbridge Inc.

The transaction is subject to certain closing conditions, including the approval by two thirds of the votes cast by holders of common shares represented in person or by proxy at an upcoming special meeting of Valener shareholders and certain regulatory approvals from the Vermont Public Utility Commission and the United States Federal Energy Regulatory Commission. Should the transaction to privatize Valener be completed, the change in share ownership should have no impact on Énergir.

Reaction of Énergir's Management

"Since Valener was created in 2010, Énergir has always felt that the public investor clearly supported our business's growth and diversification plan. Thanks to this support, we have significantly diversified our territories and energies," explained Sophie Brochu, President and Chief Executive Officer of Énergir. "Also, Noverco has been very supportive of our development, both in Québec and the United States. Noverco's offer reveals its determination, and that of its shareholders, to continue supporting the Énergir team in carrying out its strategic plan," concluded Ms. Brochu.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd