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Enercare shareholders OK $4.3 bln acquisition by Brookfield

Shareholders of Enercare Inc (TSX: ECI), a Canadian home and commercial services and energy solutions provider, have voted in favour of the company’s acquisition by Brookfield Infrastructure.

The deal, announced in August, would see Brookfield acquire Enercare for $29 per share. It is valued at about $4.3 billion, including debt, and expected to close in Q4 2018.

Based in Markham, Ontario, Enercare provides water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services.

It serves about 1.6 million Canadian and U.S. customers annually.

PRESS RELEASE

Enercare Shareholders Approve Plan of Arrangement

TORONTO, Sept. 24, 2018 /CNW/ – Enercare Inc. (“Enercare”) (TSX: ECI) announces the voting results from its special meeting of shareholders (the “Meeting”) held earlier today concerning the acquisition of Enercare by Brookfield Infrastructure and its institutional partners. At the Meeting, shareholders were asked to consider and, if deemed advisable, pass a special resolution (the “Arrangement Resolution”) approving a plan of arrangement under section 192 of the Canada Business Corporations Act whereby Cardinal Acquisitions Inc., together with a newly formed Ontario limited partnership, will acquire all of the issued and outstanding common shares of Enercare for C$29.00 per common share, without interest, or, in the case of a shareholder resident in Canada who is not exempt from tax under the Income Tax Act (Canada) and who has elected to receive Exchangeable LP Units, 0.5509 of an Exchangeable LP Unit for each common share, subject to proration based on the maximum unit consideration, with the balance of the consideration being paid in cash (the “Transaction”). The total value of the Transaction is valued at approximately $4.3 billion including debt.

A total of 69,762,442 of Enercare’s common shares (representing approximately 64.91% of the issued and outstanding common shares as of the record date for the Meeting) were represented in person or by proxy at the Meeting. Shareholders overwhelmingly approved the Arrangement Resolution with approximately 99.89% of the votes cast in its favour (99.89% excluding the votes cast by shareholders that were required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”)).

The Arrangement Resolution required the approval of (i) not less than two-thirds (66 ⅔%) of the votes cast by the shareholders present in person or by proxy at the Meeting; and (ii) a simple majority of the votes cast by the shareholders present in person or by proxy at the Meeting and entitled to vote thereat, excluding the votes cast by such shareholders that are required to be excluded pursuant to MI 61-101.

Enercare intends to apply for a final order from the Ontario Superior Court of Justice (Commercial List) with respect to the Transaction on October 1, 2018. Closing of the Transaction remains subject to other customary closing conditions, including the aforementioned Court order and approval under the Competition Act (Canada). Assuming the satisfaction of these closing conditions, the Transaction is expected to be completed in the last quarter of 2018.

About Enercare Inc.

Enercare is headquartered in Markham, Ontario, Canada and is publicly traded on the Toronto Stock Exchange (TSX: ECI). As one of North America’s largest home and commercial services and energy solutions companies with approximately 5,100 employees under its Enercare and Service Experts brands, Enercare is a leading provider of water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. With operations in Canada and the United States, Enercare serves approximately 1.6 million customers annually. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Canada and through its Triacta brand, a premier designer and manufacturer of advanced sub-meters and sub-metering solutions.

For more information on Enercare visit enercare.ca. Additional information regarding Enercare is available through our investor relations website at corporate.enercare.ca or on SEDAR at www.sedar.com. Subscribe to our email alerts at corporate.enercare.ca/email-alerts to receive our news releases electronically.

For further information: please contact: Sophia Bisoukis, Vice President, Investor Relations, 905.943.6437, Sophia.Bisoukis@enercare.ca, Source: Enercare Inc.