Evergy to receive $155M investment from Bluescape

Evergy, Inc. has made an agreement which will add two new members to its Board of Directors as well as deliver $115 million with the sale of common shares.

The Kansas City-based utility company reached a deal with activist investor Elliott Investment Management LP and Bluescape Energy Partners LLC this week, according to a Friday news release from Evergy.

New board members will be effective at the start of next week, March 1. Joining the board are Bluescape Executive Chairman C. John Wilder and former U.S. Sen. Mary Landrieu of Louisana.

Alterations will also be made to Evergy’s five-member Finance Committee which will be chaired by Wilder and composed of Landrieu, David Campbell, Paul Keglevic and Tony Isaac.

“Evergy has made significant advancements as a forward-thinking, sustainable energy company,” Evergy Board Chair, Mark Ruelle, said in the release. “[This] agreement brings additional expertise to support its execution. Both John and Mary have proven track records creating significant value for all stakeholders, and we welcome them to the Board.”

Part of the deal will allow Bluescape to buy $115 million in newly issued common shares and will give Bluescape the option to buy more Evergy common stock during the next three years at a share price that exceeds the current market price by 20 percent.

“We are pleased with Bluescape’s investment in Evergy,” Senior Portfolio Manager at Elliott, Jeff Rosenbaum, said in the release. “We believe that the appointment of Mary Landrieu to the Board and John Wilder’s new role as chair of the revamped Finance Committee will help the Company provide significant value for all stakeholders. We are confident that Evergy has the right plan and the right team in place.”