Louisiana electricity supplier Cleco Corp (CNL.N) said on Monday that it has got approval from the state’s public service commission to sell itself to an investor group led by Macquarie Infrastructure and Real Assets.
The deal, announced on October 20, 2014, valued Cleco at US$4.7 billion, or US$55.37 per share.
Cleco shares closed at US$48.81 on Monday.
With the final approval, the transaction is expected to close in April, the company said in a release.
Macquarie Infrastructure and Real Assets is part of Macquarie Group Ltd (MQG.AX).
The investor group includes British Columbia Investment Management Corp (bcIMC) and John Hancock Financial, a division of Canadian insurance company and financial services provider Manulife Financial Corp (MFC.TO).
The company said it will remain headquartered in Pineville and retain local management and existing headcount.
Update: Earlier this month, Cleco and the investor group provided a new package of incentives to help ensure approval of the deal, which was turned down by regulators in February.
(Reporting by Shivam Srivastava in Bengaluru; Editing by Sunil Nair)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of the Louisiana Law Blog