by Tim Church
JOPLIN, Mo. – The Empire Electric Company announces a merger with Canada based company, Algonquin Power and Utilities Corporation for approximately $2.4 Billion.
As part of the transaction, Empire has entered into an agreement plan where it will become a subsidiary of Liberty Utilities, which is the U-S subsidiary of the Algonquin Corporation.
During an interview with KRZK Reporter Tim Church, Director of Corporate Communications Julie Maus explains what this merger means for Empire Customers:
Maus says completion of this transaction could take anywhere between nine to 18 months. At that time, Empire will then become a wholly-owned subsidiary of Liberty Utilities and will cease to be a publicly-held corporation. Under the terms of the all-cash transaction, all of Empire’s shareholders will receive 34-dollars per common share, representing a total purchase price of approximately $2.4 Billion.
The Empire District Electric Company is a Joplin, Missouri based regulated electric, gas and water utility serving approximately 218-thousand customers, across four states.
For more information about this transaction click here.