La. Utility Regulators Nix $4.7B Cleco Sale To Investor Bloc

Law360, New York (February 25, 2016, 2:43 PM EST) -- Louisiana utility regulators on Wednesday rejected the $4.7 billion purchase of Cleco Corp. by a group of investors led by Macquarie Infrastructure & Real Assets Inc., a week after an administrative law judge said the deal wasn't in the public interest.

MIRA, British Columbia Investment Management Corp. and John Hancock Financial, among others, said they would scoop up all of Cleco's outstanding shares for $55.37 apiece, plus debt, in a deal first announced in October 2014. But the deal is very much in doubt after the Louisiana Public Service Commission nixed the sale, which was a prerequisite.

"We are disappointed with...

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