The sale was announced in February 2016 and secured approval from state regulators in Missouri, Arkansas, Oklahoma and Kansas.

The transaction allows Algonquin Power to expand its utility operations in the US.

Empire's shareholders will receive $34 per share, including the assumption of abouyt $800m in debt.

Algonquin Power's portfolio of power generating facilities now features both regulated and non-regulated power facilities with a total capacity of more than 2.5GW. It serves over 782,000 electric, gas and water customers within its regulated utility business.

APUC CEO Ian Robertson said: "Empire is highly complementary to the scope of our current operations, brings valuable scale to our existing utility business, and adds further support to our annual dividend growth target of 10% through significant accretion to per share cash flows and earnings.

"The APUC and Empire teams have worked diligently to successfully bring our companies together, and we are excited about the many opportunities that our newly expanded platform brings to our growth prospects in North America."

APUC also noted that it will issue a final instalment notice to 5% of convertible unsecured subordinated debunture-holders represented by instalment receipts of the date for payment of the final settlement.

The final settlement, in accordance with the terms of instalment receipts, will not be less than 15 days nor more than 90 days following the date of the notice.

Image: Algonquin Power & Utilities completes acquisition of The Empire District Electric Company. Photo: courtesy of antpkr/