TerraForm Global's Stock Surges After Deal To Talk Exclusively With Brookfield About Possible Buyout

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of TerraForm Global Inc. surged 2.5% in premarket trade Monday, after the renewable energy company announced an exclusivity deal to negotiate with Brookfield Asset Management regarding a potential buyout. Under terms of the deals being negotiated, Brookfield will buy either 100% of the company for as much as $4.35 a share, or Brookfield will buy 50.1% of its outstanding shares for as much as $4.25 each, and replace SunEdison Inc. as its sponsor. TerraForm's stock closed Friday at $4. The exclusivity agreement will expire at 11:59 p.m. ET on March 6. TerraForm's stock has gained 12% over the past 12 months, while the S&P 500 has gained 19%. SunEdison had filed for bankruptcy in April 2016.

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