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Cleco Corporation (CNL)

- NYSE
  • Oct. 20, 2014, 7:26 AM
    • Cleco (NYSE:CNL) agrees to be acquired by an investor group led by Macquarie Infrastructure and Real Assets in a deal that values the utility holding company at ~$4.7B including assumed debt.
    • The $55.37/share offer price represents a ~15% premium to CNL's Friday closing price.
    • CNL will continue to operate as an independent company led by local management and will maintain its headquarters in Louisiana.
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  • Sep. 25, 2014, 11:33 AM
    • Cleco's (CNL -9.1%) attempt to find a buyer is faltering, as the likeliest suitor for the Louisiana utility struggles to drum up investor backing for the deal, according to a Bloomberg report.
    • Australian bank Macquarie (OTC:MCQEF) reportedly has been seeking to acquire CNL through a special purpose fund managed by its infrastructure group, but the fund's co-investors have balked at the prospective low returns, a result of CNL's already high share price and low growth prospects.
    • Iberdrola (OTCPK:IBDRY) is said to have dropped out of the bidding; an earlier report indicated CNL had been close to a deal to sell itself to the Spanish utility.
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  • Sep. 8, 2014, 6:05 PM
    • Cleco (NYSE:CNL) is nearing a deal to sell itself and has narrowed down the list of prospective buyers to Spanish power company Iberdrola (OTCPK:IBDRY, OTCPK:IBDSF) and Australian investment bank Macquarie (OTC:MCQEF), FT reports.
    • Both bidders reportedly have discussed terms with CNL and a deal could be announced within weeks; a deal likely would fetch a premium to its market value, which now stands at $3.4B.
    • The Louisiana electricity supplier has been the subject of takeover rumors since June, when it said it was exploring strategic options after receiving attention from Canada's Borealis (OTCPK:BOREF), which is no longer interested; CenterPoint Energy (NYSE:CNP) also is no longer involved in discussions.
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  • Jul. 30, 2014, 5:58 PM
    • Cleco (NYSE:CNL) popped to a 3% gain just before the close after WSJ reported that Spanish power company Iberdrola (OTCPK:IBDRY, OTCPK:IBDSF) has emerged as a potential buyer.
    • Iberdrola is among a small group of second-round bidders for Cleco, which supplies power to 280K-plus customers in Louisiana and Mississippi; other bidders are not known.
    • Iberdrola USA supplies power to nearly 3M customers in eight states and owns more than 60 renewable energy projects in 24 states.
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  • Jun. 20, 2014, 2:27 PM
    • The WSJ reports CenterPoint (CNP -0.8%) is mulling a bid for Louisiana utility Cleco.
    • Cleco (CNL +3.1%) has jumped on the report. It rallied yesterday following a report the company had hired Goldman to advise on a sale.
    • After factoring $1.3B in net debt, Cleco now has an enterprise value of $4.8B.
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Company Description
Cleco Corp is a public utility holding company that owns a vertically integrated electric utility, Cleco Power, which is engaged in the generation, transmission, distribution and sale of electricity in Louisiana.
Sector: Utilities
Country: United States