4 Firms Steer Algonquin's $365M Bermuda Utility Buy

By Matthew Guarnaccia (June 3, 2019, 3:49 PM EDT) -- Canada's Algonquin Power & Utilities Corp. said Monday it will acquire the parent company of electric utility Bermuda Electric Light Co. Ltd. in a $365 million deal, with Husch Blackwell LLP and Conyers Dill & Pearman steering the buyer and Clifford Chance and Appleby guiding the seller. 

Algonquin said it will pay $36 for each share of Ascendant Group Ltd., in a deal that includes subsidiary Bermuda Electric, or BELCO. BELCO markets itself as the only provider of safe and reliable regulated electrical generation, transmission and distribution services on the island.

Algonquin noted it will make the deal through an entity...

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