Southern Co. completes purchase of PowerSecure

Southern Co. and PowerSecure International completed their merger, with PowerSecure becoming a unit of Southern Co.

Southern Co.’s said its business model provides an opportunity to leverage PowerSecure‘s expertise to help meet customers’ energy needs.

Southern Co. has acquired a premier provider of distributed infrastructure, offering primarily commercial and industrial customers innovative solutions to meet their individual reliability, energy efficiency or green energy objectives.

Recognizing that these 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,” said 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.”

Under the terms of the agreement, 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 about $425 million. PowerSecure’s common stock ceased trading on the New York Stock Exchange immediately prior to market open on May 9.

PowerSecure’s operations, including its management team and corporate headquarters, will continue to be based in Wake Forest, N.C.

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.

Author

  • The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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