Great Plains Energy and Westar Energy merger sees one of the largest wind power providers in the US
The Kansas Corporation Commission and Missouri Public Service Commission have approved the merge of Great Plains Energy and Westar Energy.
The merger of the two firms, based in Kansas City and Topeka, was originally denied in April last year.
However, on the basis that the deal included no transaction debt or exchange of cash, the two companies have formed to make Evergy, Inc.
The combined equity of Great Plains and Westar, following a stock-for-stock merger of equals, is expected to be US$15bn, making Evergy one of the largest wind power providers in the US.
“As neighbors, KCP&L and Westar have served customers in Kansas and Missouri for more than 100 years,” remarked Terry Bassham, Chairman and CEO of Great Plains Energy.
“This merger allows us to be even more efficient as we continue providing excellent customer service while maintaining competitive prices.”
“We appreciate that regulators and shareholders recognize the value in combining the companies.”
The closing date of the deal is anticipated to be in June, following two years of trying to secure the merger.
Evergy will focus on renewable energy and will be able to provide half of all the energy required by the homes and businesses it provides for.