Brookfield Asset Management Inc., Canada’s largest alternative asset manager, has entered into exclusive talks to buy bankrupt SunEdison Inc.’s two yieldcos, valuing the power companies at as much as $2.46 billion.
Toronto-based Brookfield offered $12 a share for TerraForm Power Inc., conditional on acquiring more than half of sister company TerraForm Global Inc., according to a regulatory filing Monday. That’s lower than TerraForm Power’s closing price Friday of $12.17.
Brookfield offered as much as $4.35 a share for all of TerraForm Global, or $4.25 to acquire 50.1 percent of TerraForm Global and replace SunEdison as its financial sponsor, according to a statement. The shares closed Friday at $4. A spokesman for the TerraForm companies declined to comment Monday and a spokesman for SunEdison didn’t immediately return a call.
The yieldcos said the exclusive talks would continue until Feb. 21 for TerraForm Power and March 6 for TerraForm Global, and there are no assurances a deal would be completed. Brookfield is the largest shareholder of TerraForm Power, according to data compiled by Bloomberg.
Read more: Bloomberg