Brookfield, Appaloosa in Joint Bid for SunEdison TerraForm Stake

(Bloomberg) -- Brookfield Asset Management Inc. and Appaloosa Management LP are joining forces to bid for SunEdison Inc.’s stake in TerraForm Power Inc.

The two companies are the biggest and third-largest holders of TerraForm, the clean-energy yieldco formed by the now-bankrupt SunEdison.

Brookfield and Appaloosa have formed a group to jointly bid for SunEdison’s shares in TerraForm, according to a regulatory filing Friday. Neither is obligated to enter into any agreement.

Brookfield owns about 11.1 million of TerraForm’s Class A shares, about a 12 percent stake, according to data compiled by Bloomberg. It also has entered into swap agreements to potentially buy almost 11.6 million additional shares. Appaloosa owns 8.7 million shares, or 9.5 percent. The two companies met July 18 to discuss the issue.

Brookfield announced its holdings in June, and also said it had expressed interest in acquiring SunEdison’s Class B shares that provide control over TerraForm.

Link to Statement:Link

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net.