Canadian company finalizes purchase of Empire District

Nearly a year after announcing acquisition plans, Oakville, Ontario-based Algonquin Power & Utilities Corp. (TSX: AQN) completed its purchase of Joplin’s Empire District Electric Co.

The $2.4 billion buyout makes Empire District a subsidiary of Liberty Utilities Co., Algonquin’s U.S. utility operation. The companies announced the deal in February.

“We have been working together with Empire to meet all state and federal requirements over the last several months, and we’re looking forward to delivering high-quality service to all of our new electric, water and natural gas customers for decades to come,” Liberty Utilities President David Pasieka said in a Jan. 1 news release announcing the completion of the deal.

The companies cleared the final regulatory hurdle late last month when the Kansas Corporation Commission approved the deal. The Missouri Public Service Commission - the state’s regulator of investor-owned electric, natural gas, steam, water and sewer utilities - approved the transaction in September. The acquisition also received approvals from two other state regulators, the Federal Electric Regulatory Commission and shareholders.

Empire District is keeping its name through the transition. Its new logo reflects the change with the wording, “Empire District, a Liberty Utilities company,” according to the release.

Empie District’s 218,000 customers in Missouri, Kansas, Oklahoma and Arkansas join Liberty Utilities’ 800,000 customers in 13 states.

Following the completed deal, EDE shares are no longer trading on the New York Stock Exchange. When the deal was announced, EDE shareholders were slated to receive $34 per common share.

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