- Cleco (NYSE:CNL) +13.3% premarket on news it won approval yesterday from Louisiana's Public Service Commission to sell itself to an investor group led by Macquarie Infrastructure and Real Assets.
- Three of the five PSC members were needed to overturn their previous rejection and approve the sale; the final vote for approval was 4-1.
- As part of the deal, CNL customers will receive ~$500 on average in rate credits, and CNL will extend the current formula rate plan and base rates for an additional two years.
- The Macquarie-led group is buying CNL at a 15% premium of ~$55.37/share, and will then take the company private.