Hi Blues,
As far as I know there is no reason for all debt to be paid off as part of this transaction. The $565 million figure suggests to me that ATCO are buying the holdco including all debt. It is then up to ATCO to decide what to do about that debt at the holdco level. The asset level debt is a matter for each of the individual businesses.
On this basis I still maintain my belief that BAMs fee will be based on the $565 million price tag.
That's the way I'm reading it...but DYOR
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