March 10, 2020 / 6:43 PM / 19 days ago

Pattern Energy shareholders approve CPPIB's $2.63 billion deal

(Reuters) - Renewable power producer Pattern Energy (PEGI.TO) (PEGI.O) on Tuesday won shareholders’ approval to be taken private by Canada Pension Plan Investment Board (CPPIB) for $2.63 billion.

Pattern Energy, which owns wind and solar projects in North America and Japan, told stockholders the transaction is expected to close shortly.

Water Island Capital LLC, which manages funds that own over 4 million shares of Pattern Energy, last month urged investors to reject CPPIB’s offer, citing that the bid undervalued the renewable power firm.

Reporting by Shanti S Nair and Shradha Singh in Bengaluru; Editing by Sherry Jacob-Phillips

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