BETHESDA, Md., Nov. 13, 2017 (GLOBE NEWSWIRE) -- TerraForm Global, Inc. (Nasdaq:GLBL), a global owner and operator of clean energy power plants, today announced that its stockholders approved the Agreement and Plan of Merger with Orion US Holdings 1 L.P., a Delaware limited partnership and an affiliate of Brookfield Asset Management Inc., and BRE GLBL Holdings Inc., a Delaware corporation and a wholly owned subsidiary of Parent. As required by the “majority of the minority” condition in the Merger Agreement, the adoption of the Merger Agreement was also approved by a majority of the Company’s Class A stockholders, excluding Brookfield, SunEdison, Inc. and their respective affiliates.
“We are very pleased to announce stockholder approval of the Brookfield transaction,” said Peter Blackmore, Chairman and Interim Chief Executive Officer of the Company. “We look forward to satisfying the remaining condition to the closing of the merger.”
The obligations of the Parent and Merger Sub to consummate the merger are subject to the final dismissal with prejudice or settlement in a manner reasonably satisfactory to Parent of securities litigation matters to which the Company or one or more of its affiliates is a party. These securities cases are currently coordinated in multidistrict litigation in the U.S. District Court for the Southern District of New York in a case captioned In re SunEdison, Inc. Securities Litigation.
On October 31, 2017, the Company and lead plaintiffs in In re TerraForm Global, Inc. Securities Litigation, which includes all of the class action claims against the Company in connection with the Company’s initial public offering (but does not include the claims brought by plaintiffs in connection with the Company’s private placement offerings), participated in a private mediation session and reached agreement in principle to settle the case on a class-wide basis for $57.0 million, to be funded through a combination of proceeds from existing insurance and litigation settlement proceeds available to the Company. On November 1, 2017, the settling parties informed the court of the mediated resolution. The Company and lead plaintiffs are now working to prepare settlement documentation. The settlement is subject to court approval which is also required to satisfy the condition to the closing of the merger. The remaining securities litigation cases, which are the claims brought by plaintiffs in connection with the Company’s private placement offerings, remain pending. The Company is continuing to work diligently to resolve the remaining securities litigation matters and to satisfy all conditions to the closing of the merger.
About TerraForm Global
TerraForm Global is a renewable energy company that creates value for its investors by owning and operating clean energy power plants in high-growth emerging markets. For more information about TerraForm Global, please visit: www.terraformglobal.com.