PowerSecure as a separate company is no more.
However, Southern Company has assured that the management team of PowerSecure and its corporate headquarters will remain in Wake Forest.
The $425 million acquisition closed Monday after PowerSecure shareholders approved the deal last week.
George-based Southern announced plans to acquire PowerSecure in February.
“For more than a century, the Southern Company system has provided quality service by generating and delivering affordable, reliable electricity to the customer’s meter,” said Southern Company Chairmanand CEO Thomas A. Fanning. “Today we are thrilled to draw on PowerSecure’s nationally recognized expertise to deliver even greater customer value by developing innovative technologies on the other side of the meter.”
PowerSecure shares stopped trading early Monday.
Shareholders received $18.75 in cash for each share.
“PowerSecure’s operations, including its management team and corporate headquarters, will continue to be based in Wake Forest, N.C.,” Southern said in an announcement.
