Magma Energy Corp. (now Alterra Power Corp.) merges with Plutonic Power Corporation

Date Closed: 5/13/2011

Value: C$575 million 

On May 13, 2011, Magma Energy Corp. (Magma) (now Alterra Power Corp.) completed the merger with Plutonic Power Corporation (Plutonic) pursuant to a plan of arrangement, with a resulting post-deal market capitalization of approximately $575 million. Pursuant to the arrangement, Magma acquired all of the outstanding shares of Plutonic on the basis of 2.38 common shares of Magma and Cdn.$0.0001 in cash for each Plutonic share. In connection with the arrangement, Magma Energy Corp. changed its name to “Alterra Power Corp.” Plutonic is a Canadian-based clean power company; its current principal operating facilities are the Toba Montrose Hydroelectric Project and the Dokie Wind Farm. These assets are held in partnership with GE Energy Financial Services. 

BLG was counsel to Magma (now Alterra Power Corp.) with a team led by Fred Pletcher and that included Warren Learmonth, Graeme Martindale, Shantela Blaeser, Deepak Gill, Michael Waters, Jennifer Poirier, Stephen Antle, Richard Bennett, Geoffrey Thompson, Edward Wang, Derek Powers, Summer Lane, Duncan Finley, Shane Freitag, Bernadette Corpuz, Saba Zadeh, Andrew Smith, Doug Sanders, Rick Coburn, Gabrielle Kramer, Karin Grubb, Bradley Freedman, Gabriel Somjen and Casey Leggett.