HedgeFundLIVE.com — In a $4.7 mill cash deal AES is acquiring DPL for $3.5 mill and taking their $1.2 million of debt. DPL’s closing price was $27.59 and is currently trading 8.9% above that closing price. The deal is expected to close in six to nine months and is the second big utility deal to be announced in the Untied States this year.
DPL serves more than half a million customers and posted net income of $290.3 million on revenue of $1.9 billion in 2010, up from net income of $229.1 million on $1.6 billion in 2009. It is set to announce its first quarter earnings on April 28. DPL is an energy company based in west central Ohio, with about 3.8 gigawatts in power generation capacity. Coal-fired units produce 2.8 gigawatts of that total, and natural gas and diesel units produce the rest. The $4.7 billion deal will be supported with bridge financing from Bank of America Merrill Lynch.
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