Magma Energy Corp. and Plutonic Power Corp. have announced the completion of the merger of the two companies pursuant to a plan of arrangement. The Supreme Court of British Columbia approved the arrangement earlier this week.
As previously announced in March, Magma and Plutonic have entered into an arrangement agreement whereby Magma has agreed to acquire all of the issued and outstanding shares of Plutonic, which has 168 MW of hydro and wind assets.
At the special and annual general meeting of the shareholders of the company held on April 28, shareholders of Plutonic approved the arrangement. As a result, Magma will change its name to Alterra Power Corp., and Plutonic will become its wholly owned subsidiary.