Westar Energy, Inc. (NYSE: WR) and Great Plains Energy
Incorporated (NYSE: GXP), the parent company of Kansas City Power
& Light (“KCP&L”), today announced at their respective
shareholder meetings that shareholders overwhelmingly approved the
proposals necessary for the merger between the two companies. More
than 90 percent of the shares voted at each company approved the
transaction.
“We are excited about today’s approval from shareholders of both
Great Plains Energy and Westar Energy. This vote indicates that
both companies’ shareholders believe in our combined ability to
create a stronger regional energy provider, positioned to better
serve all of our customers,” said Terry Bassham, chairman,
president and chief executive officer of Great Plains Energy and
KCP&L. “This new combined company will ensure we keep ownership
of our utility assets in our region to grow local economies.”
“Customers and shareholders will benefit by combining Westar
Energy and Great Plains Energy into a strong Midwest utility,” said
Mark Ruelle, president and chief executive officer of Westar
Energy. “Our geography and history of partnership position us to
bring efficiencies and savings by joining our operations. We
continue to make progress toward completing the transaction in the
first half of 2018.”
Westar Energy and Great Plains Energy announced a revised
transaction in July 2017 after the Kansas Corporation Commission
denied the companies’ original request to combine in April. This
revised agreement involves 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 $15 billion.
The merger is expected to help maintain reliable, low cost
energy for the company’s 1 million Kansas customers and nearly
600,000 customers in Missouri. Additionally, with one of the
largest renewable energy portfolios in the nation, the new combined
company will be a clean energy leader, supplying nearly half of its
retail sales from emissions-free electricity.
For more information visit the “Westar Energy Merger” page at
greatplainsenergy.com or westarenergy.com/westar-at-a-glance.
About Great Plains Energy
Headquartered in Kansas City, Mo., Great Plains Energy
Incorporated (NYSE: GXP) is the holding company of Kansas City
Power & Light Company and KCP&L Greater Missouri Operations
Company, two of the leading regulated providers of electricity in
the Midwest. Kansas City Power & Light Company and KCP&L
Greater Missouri Operations Company use KCP&L as a brand name.
More information about the companies is available on the Internet
at: www.greatplainsenergy.com or www.kcpl.com.
About Westar Energy
As Kansas’ largest electric utility, Westar Energy, Inc.
(NYSE:WR) provides customers the safe, reliable electricity needed
to power their businesses and homes. Half the electricity supplied
to the company’s 700,000 customers comes from emissions-free
sources – nuclear, wind and solar - with a third coming from
renewables. Westar is a leader in electric transmission in Kansas,
coordinating a network of lines and substations that support one of
the largest consolidations of wind energy in the nation. For more
information about Westar Energy, visit www.WestarEnergy.com.
Forward-Looking Statements
Statements made in this communication 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 Great
Plains Energy Incorporated (Great Plains Energy) and Westar Energy,
Inc. (Westar Energy), including those that relate to the expected
financial and operational benefits of the merger to the companies
and their shareholders (including cost savings, operational
efficiencies and the impact of the anticipated merger on earnings
per share), the expected timing of closing, the outcome of
regulatory proceedings, cost estimates of capital projects,
dividend growth, share repurchases, balance sheet and credit
ratings, rebates to customers, employee issues and other matters
affecting future operations. In connection with the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
Great Plains Energy and Westar Energy are providing a number of
important factors that could cause actual results to differ
materially from the provided forward-looking information. These
important factors include: future economic conditions in regional,
national and international markets and their effects on sales,
prices and costs; prices and availability of electricity in
regional and national wholesale markets; market perception of the
energy industry, Great Plains Energy and Westar Energy; changes in
business strategy, operations or development plans; the outcome of
contract negotiations for goods and services; effects of current or
proposed state and federal legislative and regulatory actions or
developments, including, but not limited to, deregulation,
re-regulation and restructuring of the electric utility industry;
decisions of regulators regarding rates that the companies can
charge for electricity; adverse changes in applicable laws,
regulations, rules, principles or practices governing tax,
accounting and environmental matters including, but not limited to,
air and water quality; financial market conditions and performance
including, but not limited to, changes in interest rates and credit
spreads and in availability and cost of capital and the effects on
derivatives and hedges, nuclear decommissioning trust and pension
plan assets and costs; impairments of long-lived assets or
goodwill; credit ratings; inflation rates; effectiveness of risk
management policies and procedures and the ability of
counterparties to satisfy their contractual commitments; impact of
terrorist acts, including, but not limited to, cyber terrorism;
ability to carry out marketing and sales plans; weather conditions
including, but not limited to, weather-related damage and their
effects on sales, prices and costs; cost, availability, quality and
deliverability of fuel; the inherent uncertainties in estimating
the effects of weather, economic conditions and other factors on
customer consumption and financial results; ability to achieve
generation goals and the occurrence and duration of planned and
unplanned generation outages; delays in the anticipated in-service
dates and cost increases of generation, transmission, distribution
or other projects; Great Plains Energy’s and Westar Energy’s
ability to successfully manage and integrate their respective
transmission joint ventures; the inherent risks associated with the
ownership and operation of a nuclear facility including, but not
limited to, environmental, health, safety, regulatory and financial
risks; workforce risks, including, but not limited to, increased
costs of retirement, health care and other benefits; the ability of
Great Plains Energy and Westar Energy to obtain the regulatory and
shareholder approvals necessary to complete the anticipated merger
or the imposition of adverse conditions or costs in connection with
obtaining regulatory approvals; the risk that a condition to the
closing of the anticipated merger may not be satisfied or that the
anticipated merger may fail to close; the outcome of any legal
proceedings, regulatory proceedings or enforcement matters that may
be instituted relating to the anticipated merger; the costs
incurred to consummate the anticipated merger; the possibility that
the expected value creation from the anticipated merger will not be
realized, or will not be realized within the expected time period;
difficulties related to the integration of the two companies; the
credit ratings of the combined company following the anticipated
merger; disruption from the anticipated merger making it more
difficult to maintain relationships with customers, employees,
regulators or suppliers; the diversion of management time and
attention on the anticipated merger; and other risks and
uncertainties.
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, Westar Energy and Monarch
Energy Holding, Inc. (Monarch Energy) filed with the Securities and
Exchange Commission (SEC) in connection with the anticipated
merger. Other risk factors are detailed from time to time in
quarterly reports on Form 10-Q and annual reports on Form 10-K
filed by Great Plains Energy and Westar Energy with the SEC. Each
forward-looking statement speaks only as of the date of the
particular statement. Monarch Energy, Great Plains Energy, and
Westar Energy undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171121005827/en/
Great Plains Energy IncorporatedInvestors:Calvin
Girard, 816-654-1777Senior Manager, Investor
Relationscalvin.girard@kcpl.comorMedia:Courtney Hughley,
816-556-2414Senior Manager, Corporate
CommunicationsCourtney.Hughley@kcpl.comMedia line: (816)
392-9455orWestar Energy, Inc.Investors:Cody
VandeVelde, 785-575-8227Director, Investor
RelationsCody.VandeVelde@westarenergy.comorMedia:Gina
Penzig, 785-575-8089Media Relations
ManagerGina.Penzig@westarenergy.comMedia line: 888-613-0003
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