WESTSIDE -- Algonquin Power & Utilities Corp. has agreed to acquire Empire District Electric Co. for $1.49 billion, in the second purchase of a U.S. utility by a Canadian company on Feb. 9. Empire has about 4,400 customers in Arkansas, primarily in the cities of Gravette, Decatur and Gentry in Benton County.
Empire shareholders will receive $34 per share in cash, a 21 percent premium to Monday's closing price, according to a statement on Feb. 9. Including debt, the deal is worth about $2.4 billion.
Earlier on Feb. 9, Fortis Inc. agreed to buy Michigan-based ITC Holdings Corp. for $6.9 billion in cash and stock, in what will be the largest Canadian takeover of a U.S. utility. Empire will maintain its headquarters in Joplin, Mo., after the deal and its customer rates will be unaffected by the deal.
General News on 02/17/2016