The Federal Trade Commission has cleared Southern Co.'s proposed acquisition of Wake Forest, N.C.-based PowerSecure International Inc.
The FTC granted the early termination of the waiting period underthe Hart-Scott-Rodino Antitrust Improvements Act, a development that satisfies oneof the conditions the complete the $431 milliondeal to close, accordingto a March 31 company release. The transaction now awaits approvalfrom PowerSecure shareholders, and closing is anticipated by the end of the secondquarter.
Under the deal, PowerSecure stockholders will be paid $18.75in cash for each common stock they own.
PowerSecure is a provider of distributed generation, energy efficiencyand utility infrastructure solutions. The acquisition will help Southern Co. toaccelerate the ongoing expansion of energy product offerings that are intended toprovide customers greater control of their energy use and will add complementarytechnical depth in customer-located reliability and efficiency technologies.