Canadian company buying Joplin’s Empire District Electric for $2.4 billion

Empire District Electric Company, a Joplin-based utility, has entered into an agreement to be acquired by a Canadian company for $2.4 billion.

Ontario-based Algonquin Power & Utilities Corporation, which is a subsidiary of Liberty Utilities Company, will pay $34 per common share, a 21 percent premium over Empire’s closing price on Monday. The purchase price includes Algonquin’s assumption of about $900 million of debt.

Empire provides electric, gas and water service to about 218,000 customers in Missouri, Kansas, Arkansas and Oklahoma.

The deal, which has received unanimous approval from both companies’ boards, is expected to close in early 2017.

Read more: Springfield News-Leader

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