Pattern Energy’s shareholders greenlight acquisition by CPPIB

Pattern Energy Group's shareholders have approved the company's acquisition by Canada Pension Plan Investment Board.

Pattern Energy Group’s shareholders have approved the company’s acquisition by Canada Pension Plan Investment Board. Evercore and Goldman Sachs are acting as financial advisors to Pattern Energy’s special committee of the board while Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal counsel. In November 2019 when the initial deal was announced, CPPIB said it agreed to buy Pattern Energy, an independent power company, in a take-private transaction for US$26.75 per share or about US$6.1 billion.

PRESS RELEASE

SAN FRANCISCO, March 10, 2020 /PRNewswire/ — Pattern Energy Group Inc. (Nasdaq and TSX: PEGI) (“Pattern Energy” or “the Company”) today announced that its stockholders voted to approve the Company’s pending merger transaction (the “Transaction”) with Canada Pension Plan Investment Board (“CPP Investments”) at the Special Meeting of Stockholders. Pattern Energy has received all approvals required to complete the Transaction and expects to close shortly.

“We thank our stockholders for their support and for recognizing the significant, immediate and certain value of our Transaction with CPP Investments,” said Alan Batkin, Chairman of the Pattern Energy Board of Directors. “We look forward to completing the Transaction shortly and delivering this premium cash value to our stockholders.”
Evercore and Goldman Sachs & Co. LLC are acting as independent financial advisors to Pattern Energy’s Special Committee of the Board, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as independent legal counsel to the Special Committee of the Board.

About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the Nasdaq Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 28 renewable energy projects with an operating capacity of 4.4 GW in the United States, Canada and Japan that use proven, best-in-class technology. For more information, visit www.patternenergy.com.