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Brookfield Infrastructure Partners to buy Enercare for C$4.3 billion

Staff Writer |
Brookfield has agreed to acquire all the issued and outstanding common shares of Enercare for C$29.00 per share in a transaction valued at C$4.3 billion including debt.

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Brookfield Infrastructure Partners expects to fund, after the assumption of debt, approximately $630 million of the Transaction, with the balance being funded by its institutional partners.

Enercare, one of North America’s largest home and commercial services companies, provides residential energy infrastructure, including water heaters, heating, ventilation, air conditioners (HVAC) rentals, as well as other essential home services to approximately 1.6 million customers annually and has a sub-metering business with 270,000 contracted services.

The transaction price of c$29.00 per share represents a 53% premium to the closing price of Enercare Shares on the TSX on July 31, 2018, the last trading day prior to the announcement of the Transaction, and a 64% premium to Enercare’s volume-weighted average share price on the TSX since the establishment of a special committee of directors formed to evaluate various strategic and financial options available to Enercare, including options relating to capital structuring, future growth opportunities and a potential sale of the company in whole or in parts.


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