The 52-week price range is $44.78-$54.50 and the company has a market capitalization of $3.34 billion. Analysts covering the shares maintain a consensus Hold rating, according to Zacks Investment Research. One analyst has rated the stock with a sell rating, 2 has assigned a hold rating, 0 says it’s a buy, and 0 have assigned a strong buy rating to the company.
On March 29, 2016 The Louisiana Public Service Commission (LPSC) voted to approve the sale of Cleco Corporation (CNL), the parent of regulated electric utility Cleco Power LLC, to a group of North American infrastructure investors led by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC), with John Hancock Financial and other infrastructure investors (collectively, the investor group). With the final approval obtained, the transaction is expected to close in April.
“We are pleased with the outcome of the vote and thank the LPSC and Staff for their hard work and confidence in our future,” said Darren Olagues, president of Cleco Power. “We also recognize the work of all parties who participated in the regulatory process. This process produced a transaction that is unprecedented in its protections and commitments to all of those who depend on us each day. We look forward to pursuing upcoming opportunities with our new owners.”
“We are committed to ensuring that Cleco remains a strong, locally-based utility in the years ahead and are appreciative that the LPSC voted to approve this sale,” said Andrew Chapman, senior managing director of MIRA. “We are confident that the utility will continue to provide reliable, high-level service to customers, the community and to the region. This is a valuable investment for our group.”
“We recognize the commitment and effort made by all parties in reviewing the transaction and ensuring that the transaction strengthens Cleco`s future outlook,” said Lincoln Webb, senior vice president, infrastructure for bcIMC. “We are pleased that the LPSC voted in favor of this sound transaction which will benefit all parties involved.”
“Getting to this point in the regulatory process has taken a team effort from our employees, as well as support from the communities we serve and the leaders of those communities,” said Olagues. “I am grateful for their commitment and trust in Cleco and thank them for their assistance.”
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