TransAlta slips after $1 bln acquisition deal for TransAlta Renewables

TransAlta

11/07/2023 13:34

** U.S.-listed shares of Canadian utility TransAlta Corp
 TA.TO   TAC.N  down 2.3% at $9 premarket  
    ** Co to acquire rest of the stake it does not own in
TransAlta Renewables Inc  RNW.TO  in a cash-and-stock deal
valued at C$1.38 billion ($1.04 billion)
    ** TAC has offered C$13 per share for about 60.1% stake in
TransAlta Renewables
    ** Of the total deal value, C$800 million will be paid in
cash, TransAlta says   
    ** Offer represents an 18.3% premium to the RNW's last close
    ** Deal is expected to complete early in the fourth quarter
    ** Up to last close, TAC was up 2.7% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))