Atlanta-based energy company Southern Co. has announced a definitive merger agreement to acquire PowerSecure, a North Carolina-based provider of distributed generation, energy efficiency and utility infrastructure solutions.
Under the agreement, PowerSecure will become a wholly owned subsidiary of Southern Co., and PowerSecure’s stockholders will be entitled to receive $18.75 in cash for each share of PowerSecure common stock in a transaction with a purchase price of approximately $431 million.
Southern Co. says it believes that the advancement of distributed infrastructure technologies, in which PowerSecure specializes, helps meet customers’ future energy needs as part of a full portfolio of energy resources.
“As energy technologies and customer expectations continue to evolve, the electric utility business model is increasingly expanding beyond the meter,” comments Thomas A. Fanning, Southern Co.’s chairman, president and CEO.
Sidney Hinton, CEO of PowerSecure, adds, “We are incredibly excited about the potential to accelerate and expand our business as part of Southern Company as we continue to serve our data center, hospital, utility and other customers.”
After closing the deal, the companies anticipate that PowerSecure’s operations, including its management team and corporate headquarters, will continue to be based in Wake Forest, N.C.
