Sidley, Cleary Shape I Squared’s Deal to Acquire Atlantic Power

Sidley Austin is advising private equity firm I Squared Capital on U.S. law aspects of its plan to buy Atlantic Power Corp., an energy producer with operations and assets in 11 U.S. states and two Canadian provinces.

Canadian firm Stikeman Elliott LLP is advising I Squared Capital on Canadian law aspects of the deal.

Atlantic Power’s board of directors unanimously approved the transaction, which has a total enterprise value of about $961 million, based on current foreign exchange rates.

Cleary Gottlieb Steen & Hamilton advised Atlantic Power and a special committee of independent directors from the company’s board on the deal’s U.S. law aspects. Canadian firm Goodmans LLP advised Atlantic Power and the special committee on Canadian law.

Atlantic Power and its management have made significant progress in recent years to improve the balance sheet and leverage ratio while addressing operational challenges, said Thomas Lefebvre, a partner at I Squared.

“Atlantic Power has an attractive portfolio of assets that I Squared Capital is well positioned to manage and we look forward to working together,” Lefebvre said.