TransAlta reaches deal with Competition Bureau to address Heartland deal concerns
TransAlta headquarters building in Calgary. THE CANADIAN PRESS/Larry MacDougal
TransAlta Corp. has reached a deal with the Competition Bureau to address the regulator's concerns about its plan to acquire Heartland Generation Ltd. and its power generation business in Alberta and B.C.
Under the agreement, TransAlta has agreed to sell Heartland's Poplar Hill and Rainbow Lake electricity generating businesses in Alberta.
The sale will be made to one or more independent purchasers to be approved by the Commissioner of Competition in a move to resolve the competition concerns arising from the proposed transaction.
As a result of the change, TransAlta and Energy Capital Partners, the seller of Heartland, have agreed to an $80-million purchase price reduction to reflect the required divestitures.
The deal is now valued at $542 million, including the assumption of $232 million in debt. The revised transaction price will be further reduced by about $80 million following closing of the transaction, to reflect the economic benefit of the Heartland business arising since Oct. 31, 2023, which is payable to TransAlta, consistent with the original terms of the deal.
Energy Capital Partners will be entitled to receive the proceeds from the sale of Poplar Hill and Rainbow Lake, net of certain adjustments.
This report by The Canadian Press was first published Nov. 14, 2024.
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