Under the terms of the agreement, upon closing, each share of IPALCO common stock will be exchanged for a number of AES shares such that IPALCO shareholders will receive a fixed value of $25.00 per IPALCO share. Based on recent trading prices, AES would be issuing approximately 43 million shares (an exchange ratio of approximately 0.50 AES shares per IPALCO share). The final exchange ratio will be determined five business days prior to closing, based upon the average daily closing prices of AES common stock for the preceding 20 trading days and capped at approximately 0.80 AES shares per IPALCO share. The transaction is expected to be tax-free to IPALCO shareholders, accounted for as a pooling-of-interests and immediately accretive to AES earnings per share. Upon closing, IPALCO will become a wholly owned subsidiary of AES with its headquarters remaining in Indianapolis.
PITTSBURGH-Westinghouse Process Control Inc., a subsidiary of Emerson Electric Co., has been selected by PacifiCorp to design and implement a new generation of process control and information systems for its power plants in the western United States.