Algonquin Power & Utilities Corp. (TSE: AGN) agreed to acquire the Empire District Electric Co. (NYSE: EDE) for $1.49 billion, in the second purchase of a U.S. utility by a Canadian company on Tuesday.
Empire shareholders will receive $34 per share in cash, a 21 percent premium to Monday’s closing price, according to a joint statement Tuesday by the companies. The offer is a 50 percent premium to the close on Dec. 10, the day before Bloomberg News reported that Empire was exploring a sale. Including debt, the deal is worth about $2.4 billion. Empire jumped 15 percent in after-hours trading.