Aquila, Inc.
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Aquila, Inc. (NYSE: ILA) operates electricity and natural gas distribution networks in the United States, Canada, Australia, and the United Kingdom. The company also owns and operates power generation assets. It previously operated under the name UtiliCorp United, Inc.
Selling its assets to Great Plains Energy Inc. and Black Hills Corp. in separate transactions.
On February 7, 2007, Aquila announced that is is selling its assets to Great Plains, the parent company of Kansas City Power and Light, said it will acquire all the outstanding shares of the Kansas City-based Aquila in a deal valued at about $1.7 billion.
Kansas City-based Great Plains will pay $4.54 in cash and stock for each Aquila share. Great Plains will also assume about $1 billion in Aquila's debt.
Before the sale, Black Hills will purchase Aquila's electric utility in Colorado and its gas utilities in Colorado, Kansas, Nebraska and Iowa. Black Hills, based in Rapid City, S.D., will pay about $940 million in cash for the utilities.
