M&A Deal Summary

Macquarie Infrastructure and Real Assets Acquires Cleco

On October 20, 2014, infrastructure investor Macquarie Infrastructure and Real Assets acquired utilities company Cleco for 4.7B USD

Acquisition Highlights
  • This is Macquarie Infrastructure and Real Assets’ 2nd transaction in the Utilities sector.
  • This is Macquarie Infrastructure and Real Assets’ largest (disclosed) transaction.
  • This is Macquarie Infrastructure and Real Assets’ 3rd transaction in the United States.
  • This is Macquarie Infrastructure and Real Assets’ 1st transaction in Louisiana.

M&A Deal Summary

Date 2014-10-20
Target Cleco
Sector Utilities
Buyer(s) Macquarie Infrastructure and Real Assets
Deal Type Going Private
Deal Value 4.7B USD
Advisor(s) Goldman Sachs
TPH & Co. (Financial)
Locke Lord (Legal)

Target

Cleco

Pineville, Louisiana, United States
Cleco Corp. is a utility holding company. Cleco owns a regulated electric utility company, Cleco Power LLC, which is engaged principally in the generation, transmission, distribution, and sale of electricity primarily in Louisiana. Cleco Power owns 11 generating units with a total nameplate capacity of 3,340 megawatts.

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Buyer(S) 1

DESCRIPTION

Macquarie Infrastructure and Real Assets (MIRA) is a global investor in infrastructure, real estate, agriculture, and energy assets. MIRA's infrastructure practice looks to acquire businesses such as transportation, water and energy utilities, and waste management. MIRA's real estate practice looks to acquire and develop retail, commercial, residential and industrial properties. MIRA's agriculture team looks to operate and develop agriculture businesses and farmland. MIRA's energy team seeks opportunities in upstream energy and upstream energy-related assets and businesses in the US and Canada. Macquarie Infrastructure and Real Assets is headquartered in London with additional offices throughout the world.


DEAL STATS #
Overall 7 of 20
Sector (Utilities) 2 of 3
Type (Going Private) 1 of 3
State (Louisiana) 1 of 1
Country (United States) 3 of 9
Year (2014) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-03 Leaf River Energy Center

Houston, Texas, United States

Leaf River Energy Center LLC engages in designing, constructing, and operating facilities that serve the interests of customers, communities, landowners, and employees while maintaining safe operations and preserving the environment. The company is strategically located in southeastern Mississippi with unique reliability capabilities and connections to six interstate pipelines. It consists of three salt dome caverns with a combined working natural gas storage capacity of 32.2 million dekatherms (MMDth).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-16 Wightlink

Hampshire, United Kingdom

Wightlink is a provider of ferry service between the Isle of Wight and Hampshire. It carries almost five million holidaymakers and Islanders across the Solent every year. It offers 48,000 sailings a year, utilising nine ferries on three routes. Wightlink was founded in 1972 and is based in Hampshire, United KIngdom.

Sell -