Macquarie-led investor group to acquire Cleco for about $4.7 bln

An investor group led by Macquarie Infrastructure and Real Assets has agreed to buy public utility holding company Cleco Corp, for about $4.7 billion, including debt. Cleco Corp is the owner of the Pineville, Lousiana-based electric utility Cleco Power.

The investor group also includes British Columbia Investment Management Corp. and John Hancock Financial.

The group is buying all outstanding Cleco shares at $55.37 a share each. The transaction is expected to be completed in the second half of 2015.

Cleco Power president Darren Olagues will become president and CEO of Cleco at the deal’s closing.

Goldman Sachs  and Tudor, Pickering, Holt & Co. are providing financial advice to Cleco while Macquarie Capital (USA) is doing the same for the investor group, which is being represented by Kirkland & Ellis.

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