OAKVILLE (Ontario) and JOPLIN (Mo.) -- Algonquin Power & Utilities Corp. and The Empire District Electric Company announced on Thursday that the Kansas Corporation Commission approved the unanimous settlement agreement among Empire, Liberty Sub Corp., and Liberty Utilities (Central) Co., the KCC Staff and the Citizens' Utility Ratepayer Board. The KCC order provides, among other things, authorization to consummate the merger between Empire and Liberty Sub Corp. in accordance with the terms and conditions of the agreement and plan of merger dated Feb. 9.
Receipt of the KCC's order completes the final required regulatory approval and, accordingly, all conditions precedent to completing the merger have been fulfilled other than the customary closing conditions. The transaction closing is expected to occur on or about Jan. 1, 2017.
"We are very pleased with the KCC's approval of APUC's acquisition of Empire. We recognize and are grateful for the significant efforts of all parties who participated in this regulatory process," said Ian Robertson, chief executive officer of APUC. "We are committed to ensuring Empire remains a strong, locally-based, customer-focused utility. This transaction combines the strengths of two great companies and we look forward to pursuing the many opportunities resulting from the merger."
Brad Beecher, Empire's president and CEO added, "With the approval from the KCC, we have cleared the final regulatory hurdle necessary to consummate our transaction with APUC. It has taken significant effort of a number of parties to reach this successful conclusion. Empire remains committed to providing reliable and responsible services to our customers, a rewarding environment for our employees and a continuing level of community support and involvement."
About Algonquin Power & Utilities Corp.
APUC is a $6.3 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses and the pursuit of accretive acquisitions.
About The Empire District Electric Company
Based in Joplin, Mo., the Empire District Electric Companyn is an investor-owned, regulated utility providing electric, natural gas through its wholly owned subsidiary, the Empire District Gas Company, and water service, with approximately 218,000 customers in Missouri, Kansas, Oklahoma and Arkansas. A subsidiary of the Company also provides fiber optic services.
General News on 12/28/2016