Southern Co. (NYSE: SO) completed the purchase of PowerSecure International (NYSE: POWR), with PowerSecure becoming a wholly-owned subsidiary of Southern.
Southern plans to leverage PowerSecure’s expertise to meet customers’ energy needs using advanced technologies. PowerSecure provides distributed infrastructure to provide commercial and industrial customers with solutions to meet reliability, energy efficiency or green objectives.
Under terms of the agreement, PowerSecure’s stockholders received $18.75 in cash in exchange for each share of PowerSecure common stock on May 9, for a total purchase price of $425 million. PowerSecure’s common stock ceased trading on the New York Stock Exchange prior to the market opening May 9. The company’s operations will continue to be based in Wake Forest, North Carolina.
Jones Day, Gibson Dunn & Crutcher LLP and Troutman Sanders LLP served as legal counsel to Southern Co. J.P. Morgan Securities LLC served as the exclusive financial advisor to PowerSecure and Wachtell, Lipton, Rosen & Katz and Kegler Brown Hill + Ritter served as legal counsel to PowerSecure.