The AES energy producer said Wednesday it has agreed to acquire DPL, the parent company of Dayton Power & Light, 3.5 billion in cash. There's also about $ 1.2 billion of DPL in debt.
The offer of $30 per share is 8.7% over the DPL closing price of $27.59 Tuesday. It is the second big case utility will be announced at the United States this year. Duke Energy purchased Progess energy of $ 13.7 billion, which represented a premium yet plue 6.4%.
"We focus our efforts of growth in some key markets, including the utility sector, to the United States" Paul Hanrahan, leader of the AES, said in a statement. He added that the DPL purchase would add to the company "regional scale provided by our utility company adjacent to Indianapolis Power & Light Company."
DPL is an energy company based in west central Ohio, with approximately 3.8 gigawatts in electricity generation capacity. Coal-fired units produce 2.8 gigawatt of this total, and diesel and natural gas units produce the rest.
The company, serving more than half a million customers, will remain an independent company headquartered in Dayton.
The transaction will be supported with bridge financing for the Bank of America Merrill Lynch financial advisor for AES on the market and a problem of the debt later. The company hired Skadden, Arps, Slate, Meagher & Flom as legal adviser.
The agreement is expected to close in six to nine months, pending the approval of the shareholders DPL and local and federal authorities.
DPL posted net income of 290.3 million on revenues of 1.9 billion in 2010, up from net income of 229.1 million to 1.6 billion in 2009. It is set to announce first quarter results on April 28.
AES, based in Arlington, Virginia, a 40.5 gigawatt of generation capacity and 11.5 million customers. It employs approximately 29,000 people and provides power in 28 countries. The company reported revenues of 17 billion in 2010.
This post has been revised to reflect the following correction:
Correction: April 20, 2011
An earlier version of this article incorrectly stated the power generating capacity of the two companies. All figures should be gigawatts.
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