Capstone Infrastructure Corporation has agreed to a C$480 million ($340 million; €313 million) buyout from the subsidiary of a fund managed by UK-based Icon Infrastructure.
Irving Infrastructure, a subsidiary of Icon Infrastructure Partners III, is paying C$4.90 per share for the Toronto-based infrastructure company, a 44 percent premium on Capstone’s closing share price on 19 January. The price is a 61 percent premium from 23 November when Capstone said it was undertaking a strategic review.
Capstone’s portfolio includes renewables and biomass assets in Canada generating 468MW and utilities businesses in Europe.
The purchase is subject to mid-March when Capstone’s security holders vote on the deal. However, its board unanimously recommended investors support the measure.
“Our goal has been to grow the company to benefit from the immense opportunities in the infrastructure sector and we are pleased that Icon Infrastructure recognises the inherent value of Capstone’s assets,” said Capstone’s board chairman James Sardo.
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