Cleco Shakes Up Utility Sector With Plan to Sell Itself After Bid
Cleco hired Goldman Sachs to advise on a sale after Canadian infrastructure fund Borealis put in a highly competitive bid for the Louisiana utility.
The utilities space was hit with a large lightning bolt on Wednesday when The Deal exclusively reported that Cleco hired Goldman Sachs to advise on a sale after Canadian infrastructure fund Borealis put in a highly competitive bid for the Louisiana utility of about $61 to $62 per share. The timing of a sale is just right as Cleco received approval for its rate case on Wednesday morning and it is a highly attractive regulated utility. Cleco CEO Bruce Williamson may be looking for a big deal to enhance his career as he was at Dynegy when it failed to make a deal with Blackstone and Icahn.
