Cleco Trading Higher By 13% Following Sale Approval

Shares of Cleco Corporation (NYSE: CNL) were trading higher by more than 13 percent early Tuesday morning after the company confirmed that the Louisiana Public Service Commission (LPSC) voted to approve a sale of the company.

The LPSC voted to approve the sale of Cleco to a group of North American infrastructure investments, including Macquarie Infrastructure and Real Assets.

The approval of LPSC was a pre-requisite for a sale to be completed and the original merger agreement dates back to October, 2014. As part of the agreement, the consortium of investors will acquire all outstanding shares of Cleco for $55.37.