Why Brookfield Renewable Stock Rocketed 25% in March
Shares of Brookfield Renewable Corporation (NYSE: BEPC) surged 25.5% in March, according to data provided by S&P Global Market Intelligence. Meanwhile, units of its partnership sibling, Brookfield Renewable Partners (NYSE: BEP), jumped more than 20%.
Powering their surge was a deal to acquire Australian energy company Origin Energy. That highly strategic transaction led an analyst to boost their price target on the partnership's units last month.
After much effort, Brookfield Renewable and its partners finally agreed to a deal to acquire Origin Energy last month. The complex transaction will see Brookfield, its institutional partners, and investors GIC and Temasek acquire Origin Energy's energy markets business. Meanwhile, MidOcean Energy, a liquefied natural gas (LNG) company formed by GIC, will acquire Origin Energy's integrated gas business.
Source Fool.com
