Algonquin Power & Utilities Corp. Acquires the Empire District Electric Company
Algonquin Power & Utilities Corp. has announced that a subsidiary of Liberty Utilities Co., Algonquin Power & Utilities Corp. wholly-owned regulated utility business, successfully completed its acquisition of the Empire District Electric Company for an aggregate purchase price of approximately Cdn $3.2 billion. Empire is now a wholly-owned subsidiary of Liberty Utilities and will cease to be a publicly-held corporation.
With the closing of the transaction, Algonquin Power & Utilities Corp. has materially expanded its utility operations in the United States. The company now serves over 782,000 electric, gas, and water customers within its regulated utility business, and its portfolio of power generating facilities now contains both regulated and non-regulated power facilities with a total capacity of over 2,500 MW.
“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,” said Ian Robertson, Chief Executive Officer of Algonquin Power & Utilities Corp. “The Algonquin Power & Utilities Corp. 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.”
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