Southern Company has announced plans to acquire PowerSecure International Inc. for an estimated $431 million.
Both companies’ boards of directors have approved the merger agreement, which states PowerSecure’s stockholders are entitled to $18.75 per share of common stock.
As a wholly-owned subsidiary of Southern Company, PowerSecure’s distributed infrastructure technologies would help meet customers’ future energy needs, according to Southern Company’s announcement.
PowerSecure stockholders must still approve the deal, which is subject to the notification, clearance and reporting requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The companies expect the transaction to close by the second quarter of 2016.