May 31, 2016 / 10:17 AM / in 2 years

Great Plains Energy to buy Westar for $8.6 bln

May 31 (Reuters) - Great Plains Energy Inc, the parent of regulated utility Kansas City Power & Light, said it would buy rival Westar Energy Inc for $8.6 billion in cash and stock.

Westar shareholders will receive a total of $60 per share, representing a premium of 13.4 percent to the stock’s Friday close.

The enterprise value of the deal is about $12.2 billion, including about $3.6 billion in Westar’s debt, the companies said on Tuesday. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)

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