Algonquin Power & Utilities Corp. (TSX:AQN) entered into an agreement to acquire Ascendant Group Limited (BER:AGL.BH) from Bermuda First Investment Company Limited, IBV Capital Global Value Fund, managed by IBV Capital Ltd. and others for approximately $370 million on June 3, 2019. As a part of transaction, IBV Capital Global Value Fund, managed by IBV Capital Ltd. will sell approximately 11% stake in Ascendant Group Limited. Under the terms of the all-cash transaction, Ascendant’s shareholders will receive $36 per common share. Algonquin’s investment grade credit metrics allow for approximately $150 million leverage in the purchase of the Ascendant shares and $215 million is expected to be accommodated within Algonquin’s current 2019 capital plan. Algonquin Power & Utilities will continue to run all of the Ascendant companies locally and will keep the employee base Bermudian, with the current Bermudian executive management team leading Ascendant. Closing of the Transaction is subject to customary closing conditions, including the approval of Ascendant's common shareholders, and the receipt of certain regulatory and government approvals in Bermuda. The transaction has been unanimously approved by the Board of Directors of each company. As announced on October 19, 2020, the transaction is approved by Bermuda Regulatory and Government approvals and all the remaining conditions have now been satisfied. As of August 9, 2019, shareholders of Ascendant's has approved the transaction. Closing of the Transaction is expected to occur in late 2019. As of February 27, 2020, completion is expected to take place in 2020. As of October 19, 2020, the transaction will complete in mid-November 2020. The transaction is expected to be immediately accretive to APUC's 2020 earnings per share and cash flow. Raymond James Ltd. acted as financial advisor, Michael Malfettone, James Goettsch and Michael J. Eason of Husch Blackwell LLP and Ben Adamson, Marcello Ausenda, Graham Collis, Chiara Nannini, Francesca Fox and Kent Smith Conyers Dill & Pearman acted as legal advisors to APUC. Gary Boss, John Healy, Howard Adler, Dean Agnos, Neil Barlow and Michael Seaton of Clifford Chance acted as legal advisors for Ascendant Group Limited. Guggenheim Securities, LLC acted as financial advisor to Ascendant Group Limited. Barbara Becker of Gibson Dunn & Crutcher acted as legal advisor to Guggenheim Securities, LLC acted as financial advisor to Ascendant Group Limited. Appleby acted as legal advisors for Ascendant Group Limited. Algonquin Power & Utilities Corp. (TSX:AQN) completed the acquisition of Ascendant Group Limited (BER:AGL.BH) from Bermuda First Investment Company Limited, IBV Capital Global Value Fund, managed by IBV Capital Ltd. and others on November 9, 2020. The transaction is expected to be immediately accretive to APUC's 2021 adjusted net earnings per share.