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Macquarie-led investor group closes $4.7B Cleco merger

A North American infrastructure investor group led byMacquarie Infrastructure &Real Assets Inc. and British Columbia Investment Management Corp. has closedthe roughly $4.7 billion acquisition of Cleco Corp.

The deal value included approximately $1.3 billion of assumeddebt, according to an April 13 statement. Cleco shareholders willreceive $55.37 per share, under terms of the merger agreement.

Days after Louisiana regulators the purchase, Cleco and itsCleco Power LLCsubsidiary announcedseveral management changes. Cleco Power President Darren Olagues will becomeCEO and president of Cleco, replacing Bruce Williamson.

Cleco common stock will be delisted from the New York StockExchange and trading will be suspended post market, effective at the close oftrading April 13.