Brookfield in talks to buy SunEdison’s TerraForms

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


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