The Canada Pension Plan Investment Board on March 16 completed the acquisition of Pattern Energy Group Inc. for $2.63 billion in cash.

The pension fund acquired all of Pattern Energy's outstanding shares at $26.75 per share, according to a March 16 news release. Upon the closing of the transaction, Pattern Energy's shares stopped trading on the Nasdaq and will shortly be delisted from Toronto Stock Exchange, Pattern Energy said in the release. The company has applied to cease being a reporting issuer under Canadian securities laws.

The acquisition price represents a premium of about 14.8% to Pattern Energy's closing share price Aug. 9, 2019. The consideration also represents a 15.1% premium to the 30-day volume-weighted average price prior to that date.

Pattern Energy shareholders approved the transaction March 10, and Federal Energy Regulatory Commission gave the nod Feb. 20.

The acquisition closed ahead of its proposed timeline of the second quarter of 2020.

Evercore and Goldman Sachs & Co. LLC are acting as independent financial advisers to Pattern Energy's special committee of the board. Paul Weiss Rifkind Wharton & Garrison LLP is serving as independent legal counsel to the special committee of the board