Blakes, McCarthy Tetrault, Davies, BLG, Dentons, Torys, Osler among legal counsel
Deal: Brookfield expands US renewable energy portfolio with investment in Origis Energy
Value: $1.25 billion (US$1 billion)
Brookfield Asset Management's $1.25 billion investment in renewable energy solution platform Origis Energy leads a week packed with high-value deals across sectors. Blakes, McCarthy Tetrault, Davies, BLG, Dentons, Torys, and Osler are among the legal counsel in this week’s roundup.
Brookfield Asset Management invested approximately $1.25 billion ($1 billion) in Origis Energy, a US-based renewable energy and decarbonization solution platform, alongside new commitments from Origis’ existing sponsor, Antin Infrastructure Partners.
An Antin portfolio company since 2021, Origis Energy develops, builds and operates large-scale renewable energy projects in the United States, a market that benefits from significant tailwinds.
Vinsons & Elkins served as legal counsel to Brookfield while Latham & Watkins advised Origis Energy.
Brookfield's infrastructure business managing director Hamish Kidd said, “We are thrilled with this new partnership with Origis Energy. As one of the world's largest investors in renewable energy, we look forward to utilizing our relationships and capital to scale-up the platform and meet the U.S.'s growing demand for clean power.”
Origis Energy CEO Vikas Anand said, “With two of the world's most well-respected renewable power infrastructure investors as our partners, we will accelerate our mission and strategy to provide cost-effective, carbon-free electricity to customers across the United States.”
Brookfield is investing through its Infrastructure Structured Solutions strategy, alongside affiliated entities. The funding will support Origis in scaling its clean energy solutions to meet increasing demand for renewable power and further solidify Brookfield's commitment to the energy transition.
Big Pharma Split Corp. announced an at-the-market (ATM) equity offering of up to $150 million, split equally between preferred shares and Class A shares. The shares are listed on the Toronto Stock Exchange under "PRM.PR.A" and "PRM." National Bank Financial Inc. is acting as the agent, earning a 2.5 percent commission on gross proceeds.
Blake, Cassels & Graydon LLP served as legal counsel to Big Pharma Split Corp while McCarthy Tétrault LLP acted for National Bank Financial.
The offering expires in February 2027 or when fully sold.
SPS Commerce, Inc. agreed to acquire Carbon6 Technologies, Inc., a Delaware-based provider of tools for Amazon sellers, for approximately $283.5 million.
Davies Ward Phillips & Vineberg LLP and Faegre Drinker Biddle & Reath LLP are serving as legal counsel to SPS Commerce. Patterson Belknap Webb & Tyler LLP is serving as legal counsel to Carbon6.
“This acquisition not only expands the reach of the SPS Commerce network, it also strengthens our ability to optimize invoice deduction disputes by leveraging data from the SPS network,” said SPS Commerce CTO Jamie Thingelstad. “By streamlining access to standardized, reliable data suppliers can reduce resolution time and help prevent invalid deductions from occurring in the first place.”
“SPS has built its success on innovation, collaboration, and a commitment to delivering value to its customers—principles that mirror the foundation of Carbon6,” said Carbon6 co-founder and CEO Kazi Ahmed and co-founder and chairman Justin Cobb. “Carbon6 was founded to simplify success for sellers and suppliers, starting with a focus on Amazon. With its specialized offerings, augmented by SPS Commerce’s network, we believe the combined company will deliver unmatched solutions for first-party and third-party sellers.”
The acquisition of Carbon6 follows SPS Commerce’s acquisition of SupplyPike, a first-of-its-kind SaaS solution for invoice deduction management including in-depth functionality to support Walmart suppliers in recovering revenue and improving trading relationships.
Fiserv, Inc., a global provider of payments and financial services technology, agreed to acquire Payfare Inc., an international Earned Wage Access company powering instant access to earnings and digital banking solutions for workforces, in a deal valued at approximately $201.5 million.
Blake, Cassels & Graydon LLP and Foley & Lardner LLP are serving as external legal counsel to Fiserv. Borden Ladner Gervais LLP and Dentons are serving as legal counsel to Payfare, with Keefe, Bruyette, & Woods Inc. as the financial advisor. Blair Franklin Capital Partners Inc. acted as financial advisor to the Special Committee.
Fiserv chairman, president, and CEO Frank Bisignano said, “Payfare has built a reputation as an innovator in workforce payments for gig-economy companies. Together, we can accelerate the delivery of embedded finance solutions for all of our clients, empowering their next chapter of success.”
The deal is expected to close in the first half of 2025, subject to customary closing conditions and regulatory approvals.
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) announced that it acquired a majority stake in two Ontario wind projects, Armow Wind (180 MW) and Grand Renewable Wind (149 MW), from Pattern Energy Group LP, a leading North American developer and operator of renewable energy assets.
Torys LLP served as legal counsel to CC&L Infrastructure, with CIBC Capital Markets as financial advisor. Osler, Hoskin & Harcourt LLP served as legal counsel to Pattern Energy, with BMO Capital Markets as the exclusive financial advisor.
The projects, with a combined capacity of 329 MW, operated under 20-year Power Purchase Agreements with the Independent Electricity System Operator (IESO).
“This investment in Armow Wind and Grand Renewable Wind will expand our renewable energy portfolio to over 2 GWs, building on our long history of constructing and operating clean energy assets across North America,” said CC&L Infrastructure president Matt O’Brien. “We are excited to partner with Pattern Energy and look forward to leveraging our collective decades of experience safely and successfully operating renewable energy projects.”
“Establishing this partnership with CC&L Infrastructure, an experienced and active Canadian infrastructure investor, will allow Pattern to grow our positive impact in Canada and to expand our portfolio in the country,” said Pattern Energy CEO Hunter Armistead. “Pattern has become Canada's largest operators of wind power with projects generating enough clean energy to power nearly 1.5 million Canadians. We are proud to have created thousands of jobs and distributed millions in direct financial benefits to communities across the country over the last 15 years.”
Upon deal completion, Pattern Energy will retain a minority stake and will continue managing the assets. Other shareholders include CC&L Infrastructure, Samsung Renewable Energy (Samsung) and Six Nations of the Grand River (in the case of Grand Renewable Wind).
