Ontario, Canada-based Algonquin Power & Utilities Corp. received regulatory approvals to merge U.S.-based The Empire District Electric Co. (NYSE: EDE) into Liberty Sub Corp. (Merger Sub) and Liberty Utilities (Central) Co (Liberty Central).
The Missouri Public Service Commission approved the stipulations and agreements between Empire, Merger Sub, Liberty Central, the MPSC Staff, the Office of Public Counsel and other remaining parties. The applicants are authorized to consummate the merger in accordance with the terms and conditions of the agreement.
Empire and APUC further noted that, in regards to the merger application pending in Kansas, a joint motion was filed by the applicants, the Kansas Corporation Commission (KCC) Staff and the Citizens’ Utility Ratepayer Board to amend the procedural schedule ordered June 9, 2016 by the KCC. The parties have reached an agreement in principle that would resolve all issues in the merger application, and are requesting the procedural schedule be modified to set an earlier due date of December 14, 2016, rather than January 10, 2017.
“The approval granted in Missouri yesterday marks the completion of another key milestone in our transaction with Empire,” said Ian Robertson, CEO of APUC. “Combined with the potential to shorten the procedural schedule in Kansas, we believe our ability to close the Merger within our expected Q1 2017 timeline is stronger than ever.”