Westar Energy, the utility that provides electrical power to much of Kansas is being sold in a nearly $9 billion deal to Missouri-based Great Plains Energy.
Great Plains made the announcement on Tuesday saying it agreed to the nearly $8.6 billion purchase that is considered to be a major consolidation in the utilities sector.
In return, Westar holders will get $60 a share. At least $51 will be in cash and $9 in Great Plains stock. The offer is considered a 13% premium to Westar’s closing price of $52.92 on Friday.
Published reports indicate the transaction’s total value is $12.2 billion including Westar’s nearly $3.6 billion in debt. The deal is expected to be closed in the spring of 2017, according to a report in the Wall Street Journal.