TransAlta to buy TransAlta Renewables for $1 bln (updated)
11/07/2023 12:42
(Adds details on the deal in paragraphs 2-4)
July 11 (Reuters) - Electric utility TransAlta Corp
TA.TO will buy shares of TransAlta Renewables Inc RNW.TO it
does not already own for C$1.38 billion ($1.04 billion) in a
cash-and-stock deal, the company said on Tuesday.
Electric utilities are streamlining their operations to
shift away from fossil fuels toward cleaner energy sources,
including solar and wind, to meet climate goals.
The combined company will have unified and direct ownership
interests in a diversified portfolio of wind, hydro, solar,
storage and natural gas generation assets.
The deal is expected to be completed early in the fourth
quarter of 2023 and the combined company will operate as
TransAlta and remain listed on the Toronto Stock Exchange and
the New York Stock Exchange.
($1 = 1.3276 Canadian dollars)