ALGONQUIN POWER & UTILITIES CORP. $7.63 - Toronto symbol AQN

ALGONQUIN POWER & UTILITIES CORP. $7.63 (Toronto symbol AQN; Shares outstanding: 175.0 million; Market cap: $1.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.2%; www.algonquinpower.com) has received approval from regulators to complete its purchase of a natural gas distribution utility in Georgia for $147.0 million U.S.

This utility serves 64,000 consumers. The purchase is scheduled to close on April 1, 2013.

Algonquin will borrow funds to pay for 50% of this business and will issue shares for the other 50%. Emera which is a recommendation of The Successful Investor, our conservative growth advisory, will buy enough of these new shares to keep its interest in Algonquin at 19.9%.

Algonquin Power & Utilities is still a buy.

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