Brookfield Infrastructure Partners to acquire Enercare Inc. for C$4.3B

Lead Office

Toronto

Value

4.30 Billion CAD

On August 1, 2018, Brookfield Asset Management announced that its leading infrastructure company, Brookfield Infrastructure Partners L.P. (together, "Brookfield") has agreed to acquire all the issued and outstanding common shares of Enercare Inc. for C$4.3 billion, including debt. Under the transaction, each Enercare shareholder will receive C$29 per share. Brookfield Infrastructure expects to fund approximately US$630 million of the purchase price after the assumption of debt, with the balance to be funded by its institutional partners. The transaction is subject to customary approvals by Enercare shareholders and the Ontario Superior Court.

The acquisition will leverage Brookfield's substantial presence in the utility, home building and multi-residential sectors in North America, and will provide significant opportunities for growth and value creation.

Brookfield Asset Management is a leading global alternative asset manager with particular focus on real estate, infrastructure, renewable power and private equity. Its infrastructure arm, Brookfield Infrastructure Partners, is one of the few pure-play, publicly traded global infrastructure entities available today as well as one of the largest owners and operators of critical and diverse global infrastructure networks.

Enercare Inc. is one of Canada's largest home and commercial services and energy solutions companies, as well as the largest non-utility sub-meter provider in Ontario. 

McCarthy Tétrault LLP is advising Brookfield with a core team led by Jonathan See, Jake Irwin and Isabel Henkelman that includes Cameron Belsher, Robert Richardson, Scott Bergen and Nicole Chiarelli, and including Patrick McCay and Yaroslavna Nosikova (Tax), Ian Mak and Noel Chow (Financial Services), Sarit Pandya and Andrejs Mistiouk (Real Property and Planning), Catherine Samuel and Shauvik Shah (Corporate), Oliver Borgers and Jonathan Bitran (Competition/Antitrust), George Vegh and Heloise Apestéguy-Reux (Energy Regulatory), Joanna Rosengarten (Environmental), Adam Ship and Paul Kunynetz (Franchise and Distribution), Nancy Carroll (Insurance), Trevor Lawson, Patrick Pengelly and Matthew Demeo (Labour and Employment), Ana Badour (Regulatory), Eric Block and Kosta Kalogiros (Litigation), Deron Waldock and Kelleher Lynch (Pensions and Benefits), John Boscariol and Robert Glasgow (Trade), and Ryan Prescott (Technology and Intellectual Property).

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