8point3 Energy to be acquired by Capital Dynamics for $977M in equity value
8point3 Energy Partners (CAFD) announced it has entered into an Agreement and Plan of Merger and Purchase Agreement with CD Clean Energy and Infrastructure V JV, LLC, an investment fund managed by Capital Dynamics, Inc., and certain other co-investors – collectively, “Capital Dynamics” – pursuant to which Capital Dynamics will acquire 8point3 through an acquisition of 8point3 General Partner, LLC, the general partner of the Partnership, all of the outstanding Class A shares in the Partnership and all of the outstanding common and subordinated units and incentive distribution rights in 8point3 Operating Company, LLC, the Partnership’s operating company.
Pursuant to the Proposed Transactions, the Partnership’s Class A shareholders and First Solar, Inc. ( FSLR) and SunPower Corporation (SPWR), as holders of common and subordinated units in OpCo, will receive $12.35 per share or per unit in cash, plus a preset daily amount representing cash expected to be generated from December 1, 2017 through closing less any distributions received after the execution of the Merger Agreement and prior to closing.
No consideration will be received by the Sponsors for the incentive distribution rights and the GP Transfer.
CAFD closed at $13.83.
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