Shares of Westar Energy (WR) climbed more than seven percent during midday trading on Tuesday after Great Plains Energy (GXP) said it would buy the company for roughly $8.6 billion. The deal value is expected to be $12.2 billion, which includes cash and stock, plus the assumption of $3.5 billion in debt. Westar shareholders will $60 for each share they own. Great Plains CEO Terry Bassham will become chairman and CEO of the combined company. The energy companies anticipate the deal closing in the spring of 2017. Once the deal closes, Westar will become a wholly owned subsidiary of Great Plains Energy. TheStreet's Anders Keitz has details from Wall Street.
This article was written by a staff member of TheStreet.