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Algonquin Power to Buy Empire District for $1.49 Billion

Algonquin Power & Utilities Corp. agreed to acquire The Empire District Electric Co. for $1.49 billion, in the second purchase of a U.S. utility by a Canadian company on Tuesday.

Empire shareholders will receive $34 per share in cash, a 21 percent premium to Monday’s closing price, according to a joint statement Tuesday by the companies. The offer is a 50 percent premium to the close on Dec. 10, the day before Bloomberg News reported that Empire was exploring a sale. Including debt, the deal is worth about $2.4 billion. Empire jumped 15 percent in after-hours trading.

The sale comes as power companies, grappling with flat electricity demand and rising capital costs, seek...


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