|Merger of Great Plains Energy and Westar Energy Approved, Paving Way for Benefits to Customers, Communities and Shareholders|
Newly formed Evergy initially will serve customers under familiar Westar,
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The companies anticipate a closing date in early June, concluding a two-year effort to combine the two companies.
The utilities have guaranteed more than
"Customers will benefit from bringing together two innovative teams of employees who are active in the communities we serve and take pride in providing excellent customer service. The increased scale and efficiency will deliver savings not possible without the merger," Bassham said.
The companies selected
For the immediate future, the company will continue to serve its customers under the familiar Westar and KCP&L brand names. Contact information, billing and account information, program enrollment and outage reporting will remain the same for customers of
Evergy is expected to maintain a strong balance sheet and solid investment grade credit profile. In addition to customer benefits, merger efficiencies are expected to provide attractive total shareholder returns through earnings and dividend growth. The company expects to rebalance its capital structure by repurchasing about 60 million shares of its common stock over a two-year period. More information on the company's plan to rebalance its capital structure will be provided on Evergy's August earnings webcast.
The combined company will serve approximately 1.6 million customers, with a little under 1,000,000 in
With corporate headquarters in
Together, the company will employ about 5,000 employees across
Affordable, clean energy
With its focus on renewables, Evergy will meet nearly half of the energy needs for the homes and businesses it serves with energy from zero-emission sources. Nearly one-third will come from renewable energy, making Evergy one of the largest wind energy providers in the nation. In addition, the company is developing more ways to support customers and communities with energy efficiency and additional renewable energy programs.
Continued community commitment
Statements made in this press release that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to the anticipated merger transaction of
This list of factors is not all-inclusive because it is not possible to predict all factors. Additional risks and uncertainties are discussed in the joint proxy statement/prospectus and other materials that
Great Plains Energy
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