CLECO Announces Sale to North American Investor Group

class=”aligncenter size-full wp-image-37709″ src=”” alt=”clecosign” width=”500″ height=”280″ />CLECO announces an agreement to sell the Pineville-based company to a North American investor group. The Canadian Group is agreeing to buy the company for 4.7 billion dollars. The selling price is $55.37 per share.

Meanwhile, Public Service Commissioner Clyde Holloway reminds area residents and stockholders the company’s sale must be approved by the PSC. He says rates cannot be increased because of the sale.

Holloway has been critical of the way the CLECO officials have handled the notice of the sale and grilled the CEO and others in a special hearing about the transactions.

Holloway says the sale could take almost a year for approval.

KLAX ABC 31 News 10/20/14