Algonquin Power & Utilities to acquire Ascendant Group for $365m.

Algonquin Power & Utilities, a diversified international generation, transmission and distribution utility with c. $10bn of total assets, agreed to acquire Ascendant Group, a provider of energy and energy-related services, for $365m. Transaction closing is expected to occur in late 2019, following receipt of shareholder and regulatory approvals. "The acquisition of Bermuda Electric Light Company builds materially on our international growth program through the addition of this high-quality utility, an acquisition which will be immediately accretive to earnings. In addition to Ascendant customer and employee benefits coming from the scale of our existing utility operations, we are confident that our demonstrated capability in renewable energy development can help Bermuda realize on its carbon reduction aspirations," Ian Robertson, APUC CEO.