Regulators turn down $4.7 bln acquisition of Louisiana utility Cleco
The Louisiana Public Service Commission has decided not to allow the sale of Cleco Corp (NYSE: CNL) to an investor group led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corp (bcIMC). The deal, announced in October 2014, valued Cleco, the parent of regulated electric utility Cleco Power LLC, at about US$4.7 billion, including debt. The investor group, which included John Hancock Financial and other infrastructure investors, said it will "review our options regarding this decision."
25 February 2016•5 mins read
