(Kansas City, Mo.)– Kansas City Power and Light is buying Aquila.
K-C-P-and-L parent Great Plains Energy says in a news release that it’s purchasing all outstanding shares of Aquila and its Missouri-based utility assets. The deal is worth about 1.7 billion dollars.
Great Plains says the agreement includes about one billion dollars in Aquila’s debt. For years Aquila has struggled to recover from a failed attempt at energy trading.
Also, South Dakota-based Black Hills Corporation will buy Aquila’s electric utility in Colorado and its natural gas utilities in Kansas, Nebraska, Iowa and Colorado for 940 million dollars.
The deal means Great Plains Energy will have revenues of over three billion dollars and about 800-thousand customers. The combined Black Hills-Aquila utility and other operations will have more than 750-thousand customers in 12 states.
(Story from the Associated Press.).
