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MMA Capital Holdings, Inc. (NASDAQ:MMAC) ("MMA" or the "Company"), an infrastructure finance company focused on providing debt financing for renewable energy projects, today announced that it has entered into a definitive merger agreement with an affiliate of Fundamental Advisors LP (together "Fundamental"), under which it will be acquired by Fundamental in an all-cash transaction valued at approximately $161.7 million (the "Merger Agreement").
Under the terms of the Merger Agreement, holders of MMA's common stock will upon the closing of the merger receive $27.77 per share in cash. This represents a 35% premium over the 90-day volume-weighted average share price ending May 21, 2021, and a 62% premium over the May 21, 2021, closing share price.
J.P. Grant, Chair of the Transaction Committee, commented: "Together, MMA and Fundamental have enjoyed considerable success providing development and construction financing for solar energy generating facilities. In order to grow to its full potential, the business needs more capital than we have been able to provide. Following a diligent review of our options, the Board has determined that Fundamental, which has been a great partner in our efforts to date, has the capital access the business needs and we are extremely pleased that they are making the decision to acquire and grow the business, while at the same time enabling us to meet the goal of maximizing value for our stockholders by obtaining a significant premium to our recent trading price."
"Since 2015, Fundamental has had a strong partnership with MMA in renewable energy finance," added Laurence Gottlieb, Chairman and CEO of Fundamental. "Fundamental and MMA have shared a commitment to increasing the availability of capital for renewable energy, and we have succeeded in accomplishing our objective. Now, by combining Fundamental's financial strength and access to capital with our expertise, industry connections and an experienced deal origination team, we are well positioned to go even further to meet the financing needs of renewable energy developers, owners and operators throughout the country."
As a result of today's announcement, the Company does not expect to host a conference call and webcast to discuss its financial results for the quarter ended March 31, 2021. The Company has previously filed its quarterly report on Form 10-Q for the first quarter of 2021.
Posted In: MMAC
