Five natural gas-fired power plants sold for $112mn

Maxim Power Corp. (TSX: MXG) sold its subsidiary, Maxim Power USA, to a unit of Rockland Capital for $112 million, including the assumption of $22 million of debt resulting in sales proceeds of $90 million.

Maxim USA owns and operates five natural gas-fired power plants in New Jersey, Connecticut, Rhode Island, Massachusetts and Montana totaling 446 MW of generating capacity. Credit Suisse Securities was Maxim’s exclusive financial advisor for the deal, and Morgan Lewis & Bockius LLP served as legal counsel.

The deal is expected to close in fourth quarter 2013, pending regulatory approvals and customary closing conditions. The sale is structured as a lockbox structure under which Patriot will bear the risk and receive the rewards of economic ownership of Maxim USA from April 1, 2013 onward.

Read more mergers and acquisitions news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...