Almost a year after filing for bankruptcy in New York, solar energy giant SunEdison Inc. announced a deal last week to sell its two operating subsidiaries—TerraForm Global Inc. and TeraForm Power Inc.—in a combined $1.41 billion deal.
Brookfield Asset Management Inc., Canada’s largest alternative asset manager, agreed on March 7 to pay $787 million in cash to acquire TerraForm Global and another $622 million to take a 51 percent stake in TerraForm Power. Toronto-based Brookfield has turned to Cravath, Swaine & Moore to advise on the deal, which is expected to close in the second half of 2017, while Akin Gump Strauss Hauer & Feld is advising certain SunEdison creditors.
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