Canada’s Magma Energy will acquire rival Plutonic Power for $195.5 million, Reuters reports. As per the deal, the companies will combine to form Alterra Power that will have a market value of about $590 million. Magma’s Chairman and CEO, Ross Beaty will be the executive chairman and CEO of the new company, while Plutonic’s vice-chairman and CEO, Donald McInnes will be the executive vice-chairman. Magma appointed Raymond James as financial adviser on the deal, while Cormark Securities advised Plutonic on the deal.

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