Westar Energy Inc. Asks Kansas Agency to Approve $12.2B Sale
staff - July 2, 2016 6:29 am
TOPEKA, Kan. (AP) – A joint application to approve the $12.2 billion sale of Westar Energy Inc. has been filed with the Kansas Corporation Commission.
The Topeka Capital-Journal reports that Great Plains Energy Inc., Kansas City Power and Light and Westar filed the application Tuesday. If approved, Westar would be sold to Great Plains.
Great Plains is the parent company of KCP&L.
According to the filing, pre-tax savings and efficiencies for Great Plains and Westar are estimated to be about $65 million in the first year after the transaction closes.
The companies say those savings are expected to increase to nearly $200 million annually. The filing says the transaction will create a significant state income tax benefit.
The commission has 60 days to set a procedural schedule regarding the potential sale.