Atlanta-based energy company Southern Co. has completed the previously announced merger agreement to acquire PowerSecure, a North Carolina-based provider of distributed generation, energy efficiency and utility infrastructure solutions.
PowerSecure’s stockholders received $18.75 in cash in exchange for each share of PowerSecure common stock on May 9, for a total purchase price of approximately $425 million. Now a wholly owned subsidiary of Southern Co., PowerSecure and its management team will continue to be based in Wake Forest, N.C.
Southern Co. says that because PowerSecure’s type of technologies typically receive highest demand in areas outside of the Southeast – where there is greater opportunity to improve electric reliability, price and customer service – this acquisition positions Southern Co. to advance distributed infrastructure development across the U.S.
“For more than a century, the Southern Co. system has provided quality service by generating and delivering affordable, reliable electricity to the customer’s meter,” says Southern Co. Chairman, President and CEO Thomas A. Fanning. “Today we are thrilled to draw on PowerSecure’s nationally recognized expertise to deliver even greater customer value by developing innovative technologies on the other side of the meter.”
Jones Day, Gibson Dunn & Crutcher LLP and Troutman Sanders LLP served as legal counsel to Southern Co. J.P. Morgan Securities LLC served as the exclusive financial advisor to PowerSecure, and Wachtell, Lipton, Rosen & Katz and Kegler Brown Hill + Ritter served as legal counsel to PowerSecure.