IFLR1000

Algonquin Power & Utilities $2.4 billion acquisition of The Empire District Electric Company

3/1/2017
Public acquisition
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$ 2.4 billion

Completed

3/1/2017

Overview:

  • Canada-based Algonquin Power & Utilities has acquired The Empire District Electric Company in a $2.4 billion deal.
  • Empire provides electric, gas, and water utilities services to customers in Missouri, Arkansas, Kansas, and Oklahoma.
  • The price tag includes about $850 million in assumed debt.
  • Wells Fargo Securities served as lead merger adviser and JPMorgan acted as financial adviser for Algonquin.
  • Moelis & Company acted as financial adviser for Empire.
  • The transaction was first announced in February, 2016.

Kurt Stumpo - Journalist

Jurisdictions:

Canada
United States

Deal type:

Public acquisition

Practice area:

M&A

Industry sector:

Utilities

Firms:
Cahill Gordon & Reindel

Party: Empire District Electric Company (Target)

Choate Hall & Stewart

Party: Algonquin Power & Utilities (Acquirer)

Husch Blackwell

Party: Algonquin Power & Utilities (Acquirer)

Lawyer: Kirstin Salzman

Simpson Thacher & Bartlett

Party: CIBC (Lender)

Party: Scotiabank (Lender)

Party: JP Morgan (Lender)

Party: Wells Fargo Bank (Lender)

Lawyer: Alexandra Kaplan

Skadden Arps Slate Meagher & Flom

Party: Empire District Electric Company (Financial adviser)

Lawyer: Jeremy London

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