Shareholders overwhelmingly approved the $12.2 billion sale of Topeka, Kan.-based electric company Westar Energy to Kansas City, Mo.-based Great Plains Energy, the two firms announced Monday.
Westar is Kansas’ largest electric company. After the acquisition, Great Plains, which is the parent company of Kansas City Power & Light, would serve more than 1.5 million customers in the two states. The two companies say combining operations would result in $200 million in annual savings after three years, keeping rates in check.
Each company had a special shareholders’ meeting Monday to finish the voting. Great Plains said the holders of 81 percent of its shares participated, and the holders of 95 percent of that group approved the sale. Westar said holders of 63 percent of its stock voted, with an approval rate of 96 percent.
The companies hope to complete the sale next spring.
Read more: Kansas City Star