UPDATE 1-Canada's Northland Power looking for a buyer - CFO

Wed Sep 28, 2016 11:46am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Northland Power is conducting strategic review

* CFO says company is looking for new owner

* Decision planned for Q1 2017 (Adds details on planned investments, fundraising)

By Christoph Steitz

HAMBURG, Germany, Sept 28 (Reuters) - Canadian power group Northland Power is looking for a new owner, its chief financial officer said, as part of its strategic review begun in July aimed at boosting growth and shareholder value.

The company, which operates thermal and renewable energy stations in Canada and Europe, is worth C$4.06 billion ($3.07 billion).

"We're looking for a new owner," Paul Bradley told Reuters on Wednesday at a wind energy conference in Hamburg, adding this could also mean selling the group to a private equity firm.

"But we might end up deciding that the market price is the highest and remain listed," he said, adding that a decision was planned for the first quarter of 2017.

"Companies usually do this when they're not doing so well," Bradley said. "But our future is extremely positive."   Continued...