Algonquin Power & Utilities Corp. & The Empire District Electric Company Announce Kansas Corp. Commission Authorization of Me...
22 Décembre 2016 - 8:15PM
Business Wire
Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE:
AQN) and The Empire District Electric Company (“Empire”) (NYSE:
EDE) announced today that the Kansas Corporation Commission (the
“KCC”) has approved the unanimous settlement agreement among
Empire, Liberty Sub Corp., and Liberty Utilities (Central) Co.
(collectively, the “Joint Applicants”), the KCC Staff and the
Citizens’ Utility Ratepayer Board. The KCC order provides, among
other things, authorization to consummate the merger (the “Merger”)
between Empire and Liberty Sub Corp. in accordance with the terms
and conditions of the Agreement and Plan of Merger dated as of
February 9, 2016.
Receipt of the KCC’s order completes the final required
regulatory approval and accordingly, all conditions precedent to
completing the Merger have been fulfilled other than the customary
closing conditions. The transaction closing is expected to occur on
or about January 1, 2017.
“We are very pleased with the KCC’s approval of APUC’s
acquisition of Empire. We recognize and are grateful for the
significant efforts of all parties who participated in this
regulatory process,” commented Ian Robertson, Chief Executive
Officer of APUC. “We are committed to ensuring Empire remains a
strong, locally-based, customer focused utility. This transaction
combines the strengths of two great companies, and we look forward
to pursuing the many opportunities resulting from the merger.”
Brad Beecher, Empire’s President and Chief Executive Officer,
added, “With the approval from the KCC we have cleared the final
regulatory hurdle necessary to consummate our transaction with
APUC. It has taken significant effort of a number of parties to
reach this successful conclusion. Empire remains committed to
providing reliable and responsible services to our customers, a
rewarding environment for our employees, and a continuing level of
community support and involvement.”
About Algonquin Power & Utilities Corp.
APUC is a $6.3 billion North American diversified generation,
transmission and distribution utility. The distribution business
group provides rate regulated water, electricity and natural gas
utility services to over 564,000 customers in the United States.
The generation business group owns a portfolio of North American
based contracted wind, solar, hydroelectric and natural gas powered
generating facilities representing more than 1,300 MW of installed
capacity. The transmission business group invests in rate regulated
electric transmission and natural gas pipeline systems in the
United States and Canada. APUC delivers continuing growth through
an expanding pipeline of renewable energy development projects,
organic growth within its regulated distribution and transmission
businesses, and the pursuit of accretive acquisitions. Common
shares, preferred shares, and instalment receipts are traded on the
Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D,
and AQN.IR. APUC’s common shares are also listed on the New York
Stock Exchange under the symbol AQN. Visit APUC at
www.AlgonquinPowerandUtilities.com and follow us on Twitter
@AQN_Utilities.
About The Empire District Electric Company
Based in Joplin, Missouri, The Empire District Electric Company
(NYSE: EDE) is an investor-owned, regulated utility providing
electric, natural gas (through its wholly owned subsidiary, The
Empire District Gas Company) and water service, with approximately
218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A
subsidiary of the Company also provides fiber optic services.
Information Concerning Forward-Looking Statements
Certain matters discussed in this press release are
“forward-looking statements” within the meaning of applicable
securities laws, including the Private Securities Litigation Reform
Act of 1995 and are intended to qualify for the safe harbor from
liability established by the Private Securities Litigation Reform
Act of 1995. Statements that are not historical facts, including
statements about beliefs, expectations, estimates, projections,
goals, forecasts, assumptions, risks and uncertainties, are
forward-looking statements. Forward-looking statements are often
characterized by the use of words such as “believes,” “estimates,”
“expects,” “projects,” “may,” “intends,” “plans,” “anticipates,”
“pro forma,” “predicts,” “seeks,” “could,” “would,” “will,” “can,”
“continue” or “potential” and the negative of these terms or other
comparable or similar terminology or expressions. The
forward-looking statements in this press release include, without
limitation, statements relating to Liberty Utilities’ proposed
acquisition of Empire, regulatory approvals, the completion of the
proposed transaction and benefits of the proposed transaction.
These statements reflect APUC’s and Empire’s management’s current
beliefs and are based on information currently available to APUC
management and Empire management. Forward-looking statements
involve significant risk, uncertainties and assumptions. Certain
factors or assumptions have been applied in drawing the conclusions
contained in the forward-looking statements (some of which may
prove to be incorrect). APUC and Empire caution readers that a
number of factors could cause actual results, performance or
achievement to differ materially from the results discussed or
implied in the forward-looking statements. Important factors that
could cause actual results, performance and achievements to differ
materially from those indicated by any such forward-looking
statements include risks and uncertainties relating to the
following: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; or could otherwise cause the failure of the merger to
close; (ii) the risk that a condition to the closing of the
proposed transaction may not be satisfied; (iii) the failure to
obtain, or to obtain on favorable terms, any financing necessary to
complete the merger; (iv) the outcome of any legal proceedings,
regulatory proceedings or enforcement matters that may be
instituted relating to the proposed merger; (v) the receipt of an
unsolicited offer from another party to acquire assets or capital
stock of Empire that could interfere with the proposed merger; (vi)
the timing to consummate the proposed transaction; (vii) the costs
incurred to consummate the proposed transaction or any financing
transaction related to the proposed transaction, or to realize any
benefits of the proposed transaction; (viii) the credit ratings of
the companies following the proposed transaction; (ix) disruption
from the proposed transaction making it more difficult to maintain
relationships with customers, employees, regulators or suppliers;
(x) the diversion of management time and attention on the
transaction; (xi) general worldwide economic conditions and related
uncertainties; (xii) the effect and timing of changes in laws or in
governmental regulations (including environmental laws and
regulations); (xiii) the timing and extent of changes in interest
rates, commodity prices and demand and market prices for gas and
electricity; and (xiv) other factors discussed or referred to in
the “Risk Factors” section of APUC’s most recent Annual Information
Form filed with securities regulators in Canada and such other
materials that APUC may file in connection with the proposed
transaction with securities regulators in Canada or in the “Risk
Factors” or “Forward Looking Statements” sections of Empire’s most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the SEC) and in subsequently filed Forms 10-Q
and 8-K.
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version on businesswire.com: http://www.businesswire.com/news/home/20161222005685/en/
The Empire District Electric CompanyINVESTOR RELATIONSDale Harrington,
417-625-4222Director of Investor
Relationsdharrington@empiredistrict.comorMEDIA COMMUNICATIONSJulie Maus,
417-625-5101Director of Corporate
Communicationsjmaus@empiredistrict.comorAlgonquin Power &
Utilities Corp.INVESTOR
RELATIONSIan Tharp, CFA, 905-465-6770Vice President,
Investor Relationsian.tharp@APUCorp.comorAlison Holditch,
905-465-4523Investor Relations and Communications
Specialistalison.holditch@APUCorp.com
Empire Electric (NYSE:EDE)
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