Pattern owns solar projects in North America and Japan. The pension giant is paying $26.75 per share, a four per cent discount to the stock’s Friday close, in a transaction that values Pattern Energy at about $6.1 billion. (The Logic)

Talking point: Once the deal closes, CPPIB will integrate Pattern Energy with a firm backed by private equity company Riverstone Holdings to create a single company that will both build and run renewable power assets. The deal bolsters the fund’s ongoing push into renewables. In 2018, for example, it formed a partnership with Enbridge for future European investments in the sector. The same year, it became the first global pension fund to issue a green bond. This deal is contingent on a 35-day period in which another suitor can try to outbid CPPIB. However, Pattern Energy’s chairman, Alan Batkin, said there was a strong sale process prior to the announcement.