Southern Company and PowerSecure International have completed their merger, with PowerSecure now set to become a wholly owned subsidiary of Southern Company.
Southern Company chairman, president and CEO Thomas A. Fanning noted: “For more than a century, the Southern Company system has provided quality service by generating and delivering affordable, reliable electricity to the customer's meter. 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.”
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As part of the agreement, PowerSecure’s stockholders received US$18.75 in cash in exchange for each share of PowerSecure common stock on May 9, for a total purchase price of around US$425 million. PowerSecure’s common stock finished trading on the New York Stock Exchange prior to the market’s opening on May 9.
PowerSecure’s management team and corporate headquarters will continue to be based out of Wake Forest, North Carolina.
