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Asset Summaries

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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Algonquin Power & Utilities Corp.
Actual Acquirer: Liberty Utilities Co.
Target: Empire District Electric Company
Deal Type: Utility
Agreement Date2/9/2016
Announcement Date2/9/2016
Announcement Deal Value ($000)1,495,463
Short-term and Current Long-term Debt ($000)50,246
Cash and Cash Equivalents ($000)1,753
Current Investments ($000)NA
Inventories ($000)NA
Obligations under Capital Leases ($000)NA
Postretirement Benefits ($000)NA
Announced Transaction Value ($000)2,368,583
StatusCompleted
Completion Date1/1/2017
Announced Deal Value Per Share ($)34.00
Consideration Breakout
Cash ($M)1,495.5
Deal Pricing Ratios
 AnnouncementCompletion
Transaction Value / LTM Recurring EBITDA (x)10.710.2
Transaction Value / Energy Operating Revenues (x)3.913.83
Transaction Value / Assets (%)96.8194.73
Price / Adj. Op. Cash Flows (x)7.937.19
Price / Book (%)185.6181.4
Price / Tangible Book (%)201.6196.5
Price / Earnings (x)26.423.5
Transaction Value / Electricity Sold ($/MWH)NMNM
Transaction Value / Elec. Customer Acquired ($/customer)NMNM
Transaction Value / Gas Throughput ($/MCF)302.89325.73
Transaction Value / Gas Customer Acquired ($/customer)NMNM
Deal Terms
Description of Consideration
Algonquin Power & Utilities Corp. paid $34.00 in cash to acquire all of the outstanding shares of Empire District Electric Co. Algonquin Power & Utilities also assumed net debt of approximately $853.05 million.
Accounting MethodAcquisition
Merger of Equals?
Geographic Expansion?Market Expansion
Goodwill Generated ($000)710,067
Estimated Cost Savings (%)NA
Est. Restructuring Charges ($000)17,000
Termination Fee ($000)
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesWells Fargo Securities LLC
SellerYesMoelis & Co. LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesHusch Blackwell LLP
SellerYesCahill Gordon & Reindel LLP