Why Atlantica Sustainable Infrastructure (AY) Stock Is Falling
Portfolio Pulse from Henry Khederian
Atlantica Sustainable Infrastructure (NASDAQ:AY) shares fell by 5.2% to $22.20 after announcing a definitive agreement to be acquired by Energy Capital Partners for $22 per share in cash. The acquisition, supported by major shareholder Algonquin Power & Utilities Corp., values the company at approximately $2.555 billion and is expected to be completed by late 2024 or early 2025.
May 28, 2024 | 1:11 pm
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Atlantica Sustainable Infrastructure (NASDAQ:AY) shares fell by 5.2% to $22.20 after announcing a definitive agreement to be acquired by Energy Capital Partners for $22 per share in cash. The acquisition values the company at approximately $2.555 billion and is expected to be completed by late 2024 or early 2025.
The announcement of the acquisition at $22 per share, which is below the current trading price of $22.20, has led to a short-term decline in AY's stock price. The market may be reacting to the immediate cash offer and the future delisting of the company.
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