Canadian energy utility Algonquin Power & Utilities Corp. (APUC), through its fully-owned regulated utility business subsidiary Liberty Utilities, has entered into an agreement and plan of merger with The Empire District Electric Company (Empire). Under the terms of the agreement, Liberty Utilities will indirectly acquire Empire and its subsidiaries for an aggregate price of C$3.4bn (US$2.4bn). The Transaction is expected to close in the first quarter of 2017.
Empire is a US, Missouri-based regulated electric, gas (through its wholly-owned subsidiary The Empire District Gas Company), and water utility, collectively serving approximately 218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas (United States). Liberty Utilities (APUC) provides water, electricity, and gas utility services to over 485,000 customers across 10 US States, with two electricity distribution companies (92,000 customers) and six gas distribution companies (290,000 customers). The transaction will further diversify Liberty Utilities’ operations and will provide an entry into two new markets in Oklahoma and Kansas.