Troutman Sanders Advises Southern Company on PowerSecure Merger
The acquisition of PowerSecure International, Inc. by Southern Company adds another layer to Southern’s growing and diverse energy portfolio.
PowerSecure is a North Carolina-based provider of energy distribution technology, which helps both commercial and government companies save on power costs through grid solutions and other technology. Under the terms of the acquisition, PowerSecure's stockholders received $18.75 in cash in exchange for each share of PowerSecure common stock. The total purchase price was approximately $425 million.
“This transaction was announced in February and was fairly straightforward,” said Frank Schiller, partner, Troutman Sanders. “We are pleased to have had the opportunity to work with Southern on this deal.”
PowerSecure’s operations, including its management team and corporate headquarters, will continue to be based in Wake Forest, N.C.
Frank Schiller and Eric Koontz, both partners in the Atlanta office, represented Southern Company.
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