Deals
Macquarie Wins $3.4 Billion Cleco Deal Approval With Pledges
- Group agreed to delay rate increases, $136 million in credits
- Deal initially rejected as not being in public's best interest
This article is for subscribers only.
A group of investors led by Macquarie Group Ltd. won Louisiana’s blessing to buy utility owner Cleco Corp. for $3.4 billion with two promises.
In an order passed by the Louisiana Public Service Commission on Monday, Cleco and Macquarie agreed not to apply to raise customer rates before June 2019. They also committed to $136 million in credits. It was the second time the companies had pleaded their case before the panel. Last month, commissioners rejected their first proposal, deciding it wasn’t in the best interest of customers.