News Releases

Baker Botts Represents Westar Energy, Inc. in Revised Transaction for $14 Billion Merger of Equals with Great Plains Energy Incorporated

News Release
Deal Description: Jul. 10, 2017-- Westar Energy, Inc. (NYSE: WR) and Great Plains Energy Incorporated (NYSE: GXP), the parent company of KCP&L, today announced that both companies’ boards of directors have unanimously approved a revised transaction that involves no premium paid or received with respect to either company, no transaction debt, no exchange of cash, and is a stock-for-stock merger of equals, creating a company with a combined equity value of approximately $14 billion. Westar Energy shareholders will own approximately 52.5 percent and Great Plains Energy shareholders will own approximately 47.5 percent of the combined company. The new, combined company will provide electric utility service to approximately one million Kansas customers and nearly 600,000 customers in Missouri. The combined company will have a new name, yet to be established.
 
As a result of the transaction, Westar Energy and Great Plains Energy’s operating subsidiaries will become subsidiaries of a new holding company, which will operate regulated electric utilities in Kansas and Missouri. Operating headquarters will be in both Topeka, Kansas, and Kansas City, Missouri. Corporate headquarters will be in Kansas City, Missouri.
 
Baker Botts represented Westar Energy, Inc. in this transaction.
 
Baker Botts Lawyers/Office Involved: Corporate: William Lamb (Partner, New York);James Mayor (Partner, Houston); Courtney Fore (Senior Associate, Austin); Chelsea Gaw (Associate, Houston); Allison Lancaster (Associate, Austin); Tax: Don Lonczak (Partner, Washington); Employee Benefits: Mark Bodron (Partner, Houston); Stephanie Jeane (Associate, Washington).


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