Capstone Infrastructure gets $480M friendly takeover offer from U.K. fund

TORONTO - A U.K.-based investment fund is preparing to take over Capstone Infrastructure through a friendly $480-million cash deal announced Wednesday by the Toronto-based alternative-energy company (TSX:CSE).

See Full Article

The transaction will be done by Irving Infrastructure Corp,, owned by a fund run by London-based iCON Infrastructure.

iCON is effectively offering $4.90 cash for each Capstone share, 44 per cent above the stock's closing price on Tuesday.

The offer price is also 61 per cent above Capstone's stock price prior to its Nov. 23 announcement of a strategic review of its options.

Capstone Infrastructure's business is to make long-term investments in wind, hydro, solar and other energy projects. It currently has Canadian thermal and renewable power generating facilities capable of producing 468 megawatts of electricity.

Many of its operating facilities are in Ontario including in the Erie Shores Wind Farm and several other wind power plants and the Amherstburg Solar Park.



Advertisements

Latest Economic News

  • Italian PM 'guarantees' savers' accounts in 2 troubled banks

    Economic CTV News
    ROME -- Italy's premier says holders of accounts in two troubled Italian banks will have their savings guaranteed despite insolvency proceedings. Premier Paolo Gentiloni was referring to Veneto Banca and Banca Popolare di Vicenza, each struggling with unpaid loans. Source
  • Forget the poop scooping: who will pay the bills for your pet?

    Economic CBC News
    The scene is so common, it's cliché: Your adorable child looks longingly into your eyes, begging for a pet. You somehow navigate the emotionally fraught minefield of cat vs. dog. Then it's time to talk chores. Source
  • Ivanka Trump ordered to testify in dispute with shoe company

    Economic CTV News
    NEW YORK -- Ivanka Trump must testify in a dispute with an Italian shoemaker over one of her company's shoe designs, a judge said Friday. U.S. District Judge Katherine Forrest rejected a request by the senior White House aide's lawyers that she be blocked from submitting to a deposition in the trademark infringement lawsuit brought by Aquazzura Italia SRL against her and her company IT Collection LLC. Source
  • Cooling measures already affecting hot Toronto housing market: survey

    Economic CTV News
    The recent intervention by the Ontario government to cool the Toronto-area’s hot housing market is already having an impact on sellers and buyers plans for the year, according to a new poll. At the end of April, Ont. Source
  • Why is the American teen summer job disappearing? [Video]

    Economic Toronto Sun
    WASHINGTON — It was at Oregon’s Timberline Lodge, later known as a setting in the horror movie “The Shining,” where Patrick Doyle earned his first real paycheque. He was a busboy. The job didn’t pay much. But Doyle quickly learned lessons that served him for years as he rose to become the CEO of Domino’s, the pizza delivery giant: Source
  • Waiting for a Canadian housing crash? Warren Buffet bets against it buying 38% stake in Home Capital Group Inc.

    Economic Toronto Sun
    Warren Buffett's deal to back Home Capital Group Inc. does more than support a struggling mortgage lender -- it's a vote of confidence for a housing market that everyone from investors to global ratings companies say is a bubble ready to burst. Source
  • CIBC looks to generate quarter of earnings from U.S.

    Economic CBC News
    CIBC closed its acquisition of Chicago-based PrivateBancorp on Friday, securing its foothold in the U.S. where CEO Victor Dodig said the bank hopes to one day generate a quarter of its earnings. The Canadian bank now earns roughly five per cent of its profits in the U.S. Source
  • CIBC closes acquisition of U.S.-based PrivateBancorp

    Economic CTV News
    TORONTO -- CIBC closed its acquisition of Chicago-based PrivateBancorp on Friday, securing its foothold in the U.S. where CEO Victor Dodig said the bank hopes to one day generate a quarter of its earnings. The Canadian bank (TSX:CM) now earns roughly five per cent of its profits in the U.S. Source
  • Consumer demand for debt as high as it has ever been, Equifax says

    Economic CBC News
    Canadians' appetite for debt is as insatiable as ever, a new report from credit monitoring firm Equifax says. Equifax calculates that Canadian consumers owed $1.729 trillion at the end of the first quarter, an increase of 6.9 per cent in a year. Source
  • Sears Canada store closures expected to have little impact on RioCan

    Economic CTV News
    NEW YORK -- Sears is closing another 20 stores as the ailing retailer tries to turn around its business. Real estate investment trust Seritage, which owns the 20 real estate properties, confirmed the closings-- 18 Sears stores and two Kmart stores -- in a government filing Friday. Source