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    Westar, Great Plains announce new plans for $14B merger

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    By on State News, Top Story
    An older transmission power track and power line stands tall against a Kansas sunset north of Topeka, Kan., Thursday, June 10, 2008. Two competing utilities, ITC Great Plains and Westar Energy are vying to build a new power system to stretch across the state that would give six times more capacity than the present systems. According to government officials the upgraded systems will be needed to help fully harness wind power generation. (AP Photo/Chuck France)
    Kansas Corporation Commission members Shari Albrecht, left; Pat Apple, center, and Jay Emler, right, huddle to discuss the handling of documents containing financial information before a hearing on a proposal from Missouri-based Great Plains Energy to buy Kansas-headquartered Westar Energy, Monday, Jan. 30, 2017, in Topeka. The commission regulates utilities in Kansas and must approve the deal (AP Photo/John Hanna)

    TOPEKA — Westar Energy and Great Plains Energy have announced a revamped plan to merge after Kansas regulators scuttled an earlier deal.

    The Topeka Capital-Journal reports that the deal announced Monday morning would form a utility with a combined equity value of about $14 billion. The move comes after the Kansas Corporation Commission denied the $12.2 billion sale of Topeka-based Westar to Kansas City, Missouri-based Great Plains Energy in late April. Regulators cited concerns about a high price, the capital structure, merger savings and Kansas job retention, among other issues.

    Under the new deal, each share of Westar Energy could be exchanged for a share in the new company. Great Plains shares would be worth about 60 percent of a share in the new company.

    No transaction debt would be incurred.

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