TransAlta Corporation (“TransAlta”) will acquire all of the outstanding common shares of TransAlta Renewables Inc. (“Renewables”)
Summary points about acquisition:
- Creates a single, publicly-traded entity with a single strategy and simplified governance structure that facilitates growth and provides greater clarity around the execution of the Clean Electricity Growth Plan.
- The combined company enhances diversification, increases public float and trading liquidity, with attractive transaction metrics that unlocks value to the benefit of all shareholders.
- Consideration payable to shareholders of Renewables is equal to $13.00 per common share.
- Represents an 18.3% premium based on a closing price of $10.99 per common share of Renewables as of July 10, 2023.
- Shareholders of Renewables will be entitled to choose to receive, for each common share of Renewables that they hold:
- 1.0337 common shares of TransAlta, or
- $13.00 in cash,
subject to pro-rationing based on a maximum aggregate issuance of 46,441,779 common shares of TransAlta and maximum aggregate cash consideration of $800 million.
- A special committee of independent directors of Renewables, who conducted an independent and comprehensive review process, supported by the receipt of two fairness opinions, unanimously recommends that the shareholders of Renewables vote in favour of the transaction.
Investor call
Tuesday, July 11, 2023 at 11:00 a.m. EST / 9:00 a.m. MST
Dial-in number - TransAlta Corporation Acquires TransAlta Renewables Conference Call
Toll-free North American participants call: 1-888-664-6392
A conference call with the investment community will take place on July 11 at 9:00 am MST (11:00 am EST). The call will begin with a short address by John Kousinioris, President and Chief Executive Officer of TransAlta, and Todd Stack, President of Renewables and EVP Finance and Chief Financial Officer of TransAlta, followed by a question-and-answer period for analysts and media.
A link to the live webcast will be available on the Investor Centre section of TransAlta's website at https://transalta.com/investors/presentations-and-events/ and on the Investors section of Renewables' website at https://transaltarenewables.com/investors/presentations-and-events/. If you are unable to participate in the call, the instant replay is accessible at 1-888-390-0541 (Canada and USA toll free) with TransAlta pass code 181225 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's and Renewables' website once it becomes available.
For further information, please contact
Investor Inquiries:
Toll Free: 1-800-387-3598 in Canada and U.S.
Email: investor_relations@transalta.com
Media Inquiries:
Toll Free: 1-855-255-9184
Email: ta_media_relations@transalta.com
This webpage contains "forward-looking information", within the meaning of applicable Canadian securities laws, and "forward-looking statements", within the meaning of applicable United States securities laws, including the United States Private Securities Litigation Reform Act of 1995, and such statements are subject to the cautionary statements located here. This webpage also contains references to financial measures that are calculated and presented using methodologies other than in accordance with International Financial Reporting Standards, and additional disclosure relating to these financial measures can also be located here