AES acquisition approved by Ohio utilities commission
- November 23, 2011
Arlington-based AES Corp. has received approval from the Public Utilities Commission of Ohio for its acquisition of DPL Inc.
Ohio-based DPL is the parent company of Dayton Power and Light Co. AES, a Fortune 500-ranked global power company, announced in April its plans to acquire DPL for $3.5 billion in cash.
The companies filed their merger application with the utilities commission in May and filed a settlement agreement with all parties to the application last month.
“The acquisition of DP&L demonstrates AES’ commitment to the Midwest markets and communities, and Ohio in particular,” Andrés Gluski, the president and CEO of AES, said in a statement.
The deal is expected to close as early as Nov. 28.
AES operates in 27 countries and employs 29,000 people. Its revenues totaled $16 billion last year.
DPL’s subsidiaries include Dayton Power and Light, DPL Energy and DPL Energy Resources. Dayton Power and Light provides service to more than 500,000 retail customers. DPL owns and operates about 3,800 megawatts of generation capacity, of which 2,800 megawatts are coal-fired units and the rest are natural gas and diesel units.