(RTTNews) - Brookfield Corp. (BN, BN.TO), an alternative asset manager and investment firm, on Wednesday agreed to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners, part of Blackstone Inc. (BX).
The deal is of about $7 billion at closing, or an equity value of about $3 billion.
Under the agreement, the company will acquire Aypa's operating, under-construction and contracted project portfolio, its development platform, and its approximately 200-person team.
The company said the acquisition will give it a position in the North American battery energy storage systems market.
The company said that the deal will strengthen its ability to provide integrated energy solutions to utilities, corporations and other large power customers.
The company added that Aypa's operating and under-construction portfolio is 95% contracted under long-term agreements with investment-grade customers, with an average remaining contract life of 17 years.
Aypa is the standalone battery energy storage developer in North America, with about 6.5 GW of operating, under-construction and contracted battery storage capacity and a development pipeline of more than 20 GW across the U.S. and Canada.
Brookfield Corp closed trading 0.81% lesser at $41.81 on the New York Stock Exchange. In the overnight, the stock traded 0.29% higher at $41.93.
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