Magma Energy, Plutonic Power merger approved by shareholders

The shareholders of Plutonic Power Corporation and Magma Energy have approved the previously-announced plan under which Magma agreed to buy Plutonic.

Magma Energy Corp., a Vancouver-based geothermal power developer, previously agreed to buy Vancouver-based Plutonic Power Corp. for C$190 million in stock to diversify its renewable energy capabilities.

The new company is to be named Alterra Power Corp. Plutonic will be a subsidiary.

When the share-swap deal was announced, Magma was trading at C$1.20 a share, making the deal worth C$190 million. The company's share value has dropped since then, giving the deal a C$148 million value, the Vancouver Sun reported.

Magma said in a statement that Plutonic investors will receive 2.38 of its shares for every Plutonic share held.

Plutonic operates hydroelectric plants and wind farms and recently-announced plans to acquire three photovoltaic solar projects from First Solar Inc.

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