March 7, 2017 / 12:20 PM / 3 years ago

BRIEF-Brookfield to buy controlling stake of Terraform Power

March 7 (Reuters) - Terraform Power Inc

* Brookfield to acquire controlling stake and assume sponsorship of Terraform Power

* Terraform Power class a shareholders to receive $11.46 per share in cash

* Transaction has been approved by board of directors of Terraform Power

* $500 million sponsor equity line offered by brookfield to support future growth for terraform power

* Implied total equity value of deal is $1.7 billion and implied total enterprise value is $6.6 billion

* For each class a share, terraform power shareholders will be entitled to $1.94 per share in form of a special dividend

* As part of its strategic alternatives process Terraform Power announced has entered into a settlement agreement with SunEdison

* Shareholders will also be entitled to either $9.52/share in additional cash or 1 share in terraform power post-closing

* Co’s class a shareholders would be entitled to $6.44 per share total cash consideration, 0.53 shares in Terraform Power post-closing

* Also announced settlement agreement with sunedison in connection with chapter 11 bankruptcy case of sunedison

* All class b shares of co and class b units of terraform power llc held by sunedison will be exchanged for class a shares

* Settlement increases SunEdison’s ownership of co to 36.9% immediately prior to completion of deal

* SunEdison will have option to convert its class b shares into amount of class a shares representing 36.9% of total class a shares Source text for Eikon: Further company coverage: (

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