Sidley is representing I Squared Capital, a leading global infrastructure investor, in its agreement to acquire independent power producer (IPP) Atlantic Power Corporation. The total enterprise value of the transaction is approximately US$961 million (based on current foreign exchange rates) and involves the acquisition of outstanding common and preferred shares, as well as convertible debentures. I Squared Capital will also acquire medium-term notes of certain Atlantic Power subsidiaries. Following the required approvals and the closing of the transaction, expected in the second quarter of 2021, the common shares of Atlantic Power will be delisted from the TSX and the NYSE, and the preferred shares and convertible debentures will be delisted from the TSX.
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, digital infrastructure, transport, and social infrastructure in the Americas, Europe, and Asia. Atlantic Power is an independent power producer with operations in 11 U.S. states and two Canadian provinces, with a portfolio diversified by geography, fuel type, technology, dispatch profile, and offtaker.
The Sidley team was led by partners Tara Higgins, Scott Williams, Noreen Phelan, and Suresh Advani, with support from associates Christopher Hutchison and Curtis Hart. The team also included partners Lauren Gallagher (Employee Benefits and Executive Compensation), Terence Healey (Energy Regulatory), and James Mendenhall (CFIUS), counsel Elizabeth Chen (Antitrust/Competition), Maureen Crough (Environmental), Paul McBride, and James Weiss (Labor, Employment and Immigration), as well as associates Eric Backman, Robert Garritano, Christina Olson, Karim Pirani (Employee Benefits and Executive Compensation), and Sarah Tucker.