PSC Approves CLECO Sale

The Louisiana Public Service Commission (PSC) has voted to approve the sale of CLECO after a special meeting on Monday to review the proposal.

Prior to the meeting, the CLECO buyers added additional commitments in order to sweeten the deal.    The new package incorporates the 77 previously-negotiated commitments.

Lead Investor Macquarie Infrastructure and Real Assets, together with its partners British Columbia Investment Management Corporation and John Hancock Financial, had been working towards approval of the deal since CLECO agreed to the $4.9 billion sale proposal in October 2014.

CLECO shareholders approved the transaction a year ago and with the commission’s approval, the deal is expected to be finalized by the end of April.

KLAX ABC 31 News 4/2/16