-- Stonepeak and Bernhard Capital will acquire Louisiana-based utility Cleco from a consortium including Macquarie Asset Management, British Columbia Investment Management, and Manulife Investment Management, according to a joint statement released Monday.
Cleco is regulated by the Louisiana Public Service Commission and serves about 298,000 residential, commercial, and industrial customers across 24 Louisiana parishes, according to the statement.
Following the transaction, Cleco will maintain its headquarters and operations in Pineville, Louisiana, and continue serving its existing customer base. The Louisiana Public Service Commission will remain its regulator.
The transaction is subject to customary regulatory approvals. Stonepeak will hold a majority interest in Cleco upon closing.