Brookfield’s $3.3 Billion TerraForm Buyout Beats Court Challenge

Brookfield Asset Management Inc. defeated litigation in Delaware over its $3.3 billion take-private buyout of renewable energy company TerraForm Power Inc.

Chancellor Kathaleen St. J. McCormick threw the case out, rejecting allegations that the deal was opportunistically timed to exploit an exchange ratio warped by the pandemic-related stock market meltdown in March 2020. The proposed class action was filed by a pension fund that claimed the transaction shortchanged public investors.

McCormick announced the ruling from the bench in Delaware’s Chancery Court, where she’s the chief of a seven-member judiciary that specializes in high-stakes business disputes, according to the case docket. ...