Brookfield, Appaloosa in joint bid for SunEdison TerraForm stake

Brookfield Asset Management and Appaloosa Management LP are joining forces to bid for SunEdison’s stake in TerraForm Power. The two companies are the biggest and thirdlargest holders of TerraForm, the cleanenergy yieldco formed by the now-bankrupt SunEdison. Brookfield and Appaloosa have formed a group to jointly bid for SunEdison’s shares in TerraForm, according to a regulatory filing. Neither is obligated to enter into any agreement. Brookfield owns about 11.1 million of TerraForm’s Class A shares, about a 12 per cent stake, according to data compiled by Bloomberg. It also has entered into swap agreements to potentially buy almost 11.6 million additional shares. Appaloosa owns 8.7 million shares, or 9.5 per cent.