Algonquin Power & Utilities Corp. agreed to sell its 64% stake in Chilean water utility Suralis S.A. for $126.5 million, with an additional earnout of up to $1.5 million. The transaction, expected to close within the next two quarters subject to customary conditions including merger control approval, will reduce debt and support Algonquin’s $3.2 billion capital plan for 2026–2028.
The buyer, Toesca S.A. Administradora General de Fondos, already held a 30% stake in Suralis and will gain full control upon completion. Suralis serves customers in Chile’s Los Lagos and Los Ríos regions.
Algonquin’s CEO Rod West said the deal advances the company’s strategy to streamline its geographic footprint and redeploy capital into core regulated utility businesses. Toesca CEO Carlos Saieh L. noted the acquisition complements the firm’s existing investment in Suralis.
Centerview Partners LLC served as financial advisor to Algonquin, while Carey y Cía. Ltda. provided legal counsel.
