Westar Energy, Great Plains Energy Shareholders OK Merger
Westar Energy, Inc. and Great Plains Energy Incorporated, the parent company of Kansas City Power & Light (KCP&L), today announced the companies’ shareholders have approved the proposals necessary for the merger between the two companies.
“We are excited about today’s approval from shareholders of both Great Plains Energy and Westar Energy,” said Terry Bassham, chairman, president and chief executive officer of Great Plains Energy and KCP&L. “This vote indicates that both companies’ shareholders believe in our combined ability to create a stronger regional energy provider, positioned to better serve all of our customers. This new combined company will ensure we keep ownership of our utility assets in our region to grow local economies.”
Westar Energy and Great Plains Energy announced a revised transaction in July 2017 after the Kansas Corporation Commission denied the companies’ original request to combine in April. This revised agreement involves no transaction debt, no exchange of cash, and is a stock-for-stock merger of equals, creating a company with a combined equity value of approximately $15 billion.
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