Algonquin Power & Utilities Corp. Acquires Empire District Electric Company
Algonquin Power & Utilities Corp. (APUC) announced recently that it completed its acquisition of the Empire District Electric Company (Empire), which will help to expand the Canadian-based company’s operations in the United States.
The acquisition was completed by Liberty Utilities Co., one of APUC’s two operating subsidiaries.
“Empire is highly complementary to the scope of our current operations, brings valuable scale to our existing utility business, and adds further support to our annual dividend growth target of 10% through significant accretion to per share cash flows and earnings,” APUC CEO Ian Robertson said.
APUC purchased Empire for an aggregate price of approximately $2.3 billion after assuming approximately $0.8 billion of debt at closing and ensuring that Empire shareholder receive $34 per common share.
With this acquisition, APUC now serves approximately 782,000 regulated utility customers and operates both regulated and nonregulated power facilities with a combined capacity of more than 2,500 megawatts.
“The APUC and Empire teams have worked diligently to successfully bring our companies together, and we are excited about the many opportunities that our newly expanded platform brings to our growth prospects in North America,” Robertson said.
APUC will issue more details shortly in its Final Installment Notice.
