SunEdison, Inc. (OTC Pink: SUNEQ) is an alternative energy company that is currently in bankruptcy. Shares of the energy company are soaring 25.33%, through early trading on Tuesday, March 7, 2017. Over the past three months, SunEdison, Inc. has seen average daily volume of 2.74 million shares. However, volume of 5.04 million shares or dollar volume of $493,920, has already exchanged hands on Tuesday.
Shares of SunEdison, Inc. are jumping today, after the company announced that it has sold its TerraForm Global business to Brookfield for $787 million and $455 million in assumed debts. The deal is expected to close in the second half of 2017 and the proceeds are expected to help SunEdison, Inc. with bankruptcy proceedings. SunEdison, Inc. has been trying to find a strategic partner to sell of its TerraForm Global holding. Here is a article from MarketWatch, detailing of the business sale:
SunEdison, Inc. MarketWatch Article:
Shares of TerraForm Global Inc. GLBL, +15.88% were indicated up over 16% in premarket trade Tuesday, after the renewable energy company agreed to be acquired by Brookfield Asset Management for $787 million in cash and the assumption of $455 million in debt. Under terms of the deal, Brookfield will buy all the TerraForm Class A shares for $5.10 each, which represents a 20% premium to Monday’s closing price of $4.25. The deal is expected to close in the second half of 2017, subject to the approval of shareholders and the court overseeing the bankruptcy of SunEdison Inc. SUNEQ, +27.94% which TerraForm had been spun off from. TerraForm had announced on Sept. 16 that it was exploring strategic alternatives to maximize shareholder value, and said in January that it entered into an exclusive deal with Brookfield to negotiate a potential buyout. TerraForm’s stock had gained 7.6% over the past three months through Monday, while Brookfield’s had advanced 7.6% and the S&P 500 SPX, -0.05% had climbed 6%.