Cleco Corp wins regulator approval for sale to Macquarie-led group

Tue Mar 29, 2016 1:46am EDT
 
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March 29 (Reuters) - Louisiana electricity supplier Cleco Corp 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 Oct. 20, 2014, valued Cleco at $4.7 billion, or $55.37 per share. (reut.rs/22Jqjxh)

Cleco shares closed at $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.

The investor group includes British Columbia Investment Management Corp and John Hancock Financial, a division of Canadian insurance company and financial services provider Manulife Financial Corp.

The company said it will remain headquartered in Pineville and retain local management and existing headcount. (Reporting by Shivam Srivastava in Bengaluru; Editing by Sunil Nair)