Toronto-based Brookfield Asset Management Inc is in advanced talks to buy Abengoa SA’s 41.5 percent stake in its U.S. unit Atlantica Yield Plc, Bloomberg reported, citing people familiar with the matter.
Brookfield’s clean energy unit, Brookfield Renewable Partners LP, and Spain’s Abengoa could reach an agreement within weeks, the people said, according to the report.
Shares of Atlantica Yield Plc were up 4.3 percent at US$20.28 on Thursday, giving the company a market cap of US$2.03 billion.
Brookfield declined to comment on the report while Abengoa was not immediately available.
Reuters had reported in April that renewable energy company Abengoa had started a process to sell its 41 percent stake valued at US$900 million. Dozens of Abengoa’s subsidiaries filed for U.S. Chapter 11 bankruptcy protection last year and the company had completed a restructuring of its business in March.
(Reporting by Anirban Paul in Bengaluru; Editing by Martina D’Couto)
Photo courtesy of Atlantica Yield Plc