Newspaper article The Canadian Press

Algonquin Power Buys Missouri-Based Utility Company in US$2.4 Billion Deal

Newspaper article The Canadian Press

Algonquin Power Buys Missouri-Based Utility Company in US$2.4 Billion Deal

Article excerpt

Algonquin buys U.S. utility in US$2.4B deal

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OAKVILLE, Ont. - Algonquin Power & Utilities Corp. (TSX:AQN) plans to buy the Empire District Electric Co., a Missouri-based utility, in an all-cash deal valued at US$2.4 billion, including debt.

Under terms of the friendly deal, Liberty Utilities, a subsidiary of Oakville, Ont.-based Algonquin, will pay US$34 per share for the company, while assuming US$900 million in Empire debt.

The companies said in a joint news release Tuesday that the purchase price represents a 21 per cent premium to the closing price of Empire stock (NYSE:EDE) on Monday.

The Empire District Electric Co., headquartered in Joplin, Mo., is a regulated electric, gas and water utility serving about 218,000 customers in Missouri, Kansas, Oklahoma and Arkansas.

The transaction, which has the approval of the boards of both companies but is subject to shareholder, state and U. …

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