Abengoa sells final stake in Atlantica Yield

Abengoa is to sell the remaining 16.47 per cent of Atlantica Yield to Canada’s Algonquin Power & Utilities for $345 million ($20.9 a share).

Algonquin earlier acquired a 25 per cent share of Atlantica Yield, the asset management business of Abengoa that owns desalination plants and other activities globally, in November 2017.

Concurrently with the purchase, Algonquin agreed with certain institutional investors to issue and sell 37.5 million common shares worth a total C$445 million (C$11.85 per share).