Status:                 Upcoming/New Filing

Acquirer:             Algonquin Power & Utilities (Canada)

Acquired:            Empire District Electric Company (Missouri)

Value:                   Approx. US$2.4 billion

Industry:              Energy, Regulated Utilities

On June 16, 2016, shareholders of U.S. based Empire District Electric Company voted to approve a merger whereby Empire District Electric would become a subsidiary of Liberty Utilities (Central) Co. (“Liberty Central”) (an indirect subsidiary of Algonquin Power & Utilities Corp. (“Algonquin”), a Canadian based power company).  In February, Empire estimated the total deal value at approximately $2.4 billion, representing a 21% premium to the February 8, 2016 closing share price.

The merger agreement conditioned the transaction on CFIUS approval.  According to Empire District Electric Company’s Form 10-Q (filed on Aug. 5, 2016), the parties submitted a joint notice to CFIUS on June 29, 2016.

The Empire District Electric Company is a Missouri based regulated utility providing electricity, natural gas and water service to customers in Missouri, Kansas, Oklahoma, and Arkansas. Algonquin is a North American diversified generation, transmission and distribution utility company providing water, electricity and natural gas services to over 560,000 customers in the United States.  (See Algonquin Press Release here.)