bcIMC partners in $4.7 bln buy of Louisiana electric power utility Cleco

U.S. public utility holding company Cleco Corp (NYSE: CNL) has agreed to be purchased by a group of North American infrastructure investors led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corp (bcIMC), and that includes John Hancock Financial. The deal values Cleco at around US$4.7 billion, including US$1.3 billion of assumed debt. Based in Pineville, Louisiana, Cleco's primary operating business is Cleco Power LLC, a regulated electric utility. Upon the close of the acquisition, which is expected in to take place in the second half of 2015, the company's new owners will refinance its existing bank debt.

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