August 3, 2018 — Enercare Inc. and Brookfield Infrastructure have entered into an agreement in which Brookfield has agreed to acquire all the common shares of Enercare for $29 per share in a transaction valued at $4.3 billion.
Brookfield Infrastructure Partners LP expects to fund, after the assumption of debt, approximately US$640 million of the transaction, with the balance being funded by its institutional partners.
The transaction has received unanimous approval from Enercare’s board of directors and is subject to approval by Enercare shareholders.
“We are excited to be acquiring Enercare, a high-quality business that has established a leadership position in North America,” said Sam Pollock, CEO, Brookfield Infrastructure. “It benefits from stable, long-term cash flows through equipment rentals to a well-established customer base, and we see attractive opportunities to grow the business and continue to create value, leveraging Brookfield’s significant presence in the utility, home building and multi-residential sectors across Canada and the U.S.”
Enercare provides residential energy infrastructure, including water heaters, heating, ventilation, air conditioners rentals and other home services to approximately 1.6 million customers annually and has a sub-metering business with 270,000 contracted services.