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Tortoise Capital Advisors has announced plans to merge three closed-end funds into a new actively managed ETF, the Tortoise Power and Energy Infrastructure ETF. The funds to be merged are Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ), Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP), and Tortoise Energy Independence Fund, Inc. (NYSE:NDP). TPZ will be the surviving strategy, with the ETF adopting its accounting and performance history.
The combined assets of the three funds, including leverage, totaled $313.3 million as of July 31, 2024. The expected management fee for the ETF is 85 basis points. The merger aims to provide shareholders with greater liquidity without potential discounts to net asset value. Tortoise Capital expects the transactions to close in the fourth quarter of 2024, subject to shareholder approvals and regulatory requirements.
Tortoise Capital Advisors has announced plans to merge three closed-end funds into a new actively managed ETF called Tortoise Power and Energy Infrastructure ETF. The funds involved are Tortoise Power and Energy Infrastructure Fund (NYSE: TPZ), Tortoise Pipeline & Energy Fund (NYSE: TTP), and Tortoise Energy Independence Fund (NYSE: NDP). TPZ will be the surviving strategy, with the ETF adopting its accounting and performance history.
The combined assets of the three funds, including leverage, totaled $313.3 million as of July 31, 2024. The expected management fee for the new ETF is 85 basis points. Tortoise Capital aims to provide shareholders with greater liquidity at net asset value through this merger. The transactions are expected to close in Q4 2024, subject to shareholder approvals and regulatory requirements.
Tortoise Capital Advisors announced the termination of the merger between Tortoise Energy Independence Fund (NDP) and Tortoise Pipeline & Energy Fund (TTP) due to insufficient shareholder votes. CEO Brad Adams emphasized the merger aimed to enhance investment strategies aligned with global energy trends. Both funds will maintain their current investment strategies and explore future strategic options. The merger's failure reflects the challenges in securing shareholder consensus, but Tortoise remains committed to long-term shareholder value.
Tortoise's Board of Directors has announced the adjournment of the special stockholder meeting initially set for April 7, 2021, to June 4, 2021. This extension aims to allow more stockholders to vote on the proposed merger between TTP and NDP. CEO Brad Adams emphasized that the merger is deemed beneficial for shareholders, with early voting indicating majority support. Stockholders who haven't submitted a proxy are encouraged to do so, while information about the merger is available through the SEC and the company's website.
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