On May 28, 2024, Atlantica Sustainable Infrastructure plc (NASDAQ: AY) announced it had entered into a definitive agreement to be acquired by a private limited company ("Bidco") controlled by Energy Capital Partners (ECP) for US$22.00 per share in cash. The transaction, valued at approximately US$2.555 billion (equivalent to C$3.49 billion), represents an 18.9% premium to Atlantica’s share price as of April 22, 2024. Bidco includes institutional co-investors and will complete the acquisition via a U.K. scheme of arrangement under the Companies Act 2006. Canadian utility Algonquin Power & Utilities Corp., through its subsidiary Liberty (AY Holdings), B.V., holds 42.2% of Atlantica's shares and has agreed to vote in favour of the scheme. The transaction follows a strategic review by Atlantica’s board and is expected to close in late 2024 or early 2025, subject to shareholder, court, and regulatory approvals in multiple jurisdictions, including the U.S. Federal Energy Regulatory Commission and CFIUS. Upon closing, Atlantica will become a private entity and its shares will be delisted. Atlantica will continue paying its quarterly dividend of US$0.445 per share until completion. Citi served as financial advisor and Skadden, Arps, Slate, Meagher & Flom (UK) LLP as legal advisor to Atlantica. Latham & Watkins LLP acted as legal advisor to Energy Capital Partners. Algonquin was advised by J.P. Morgan Securities LLC and Weil, Gotshal & Manges LLP.