Stonepeak and Bernhard Nearing $6 Billion Acquisition of Cleco Power

Stonepeak Partners LP and Bernhard Capital Partners are in advanced negotiations to acquire Cleco Power, a primary utility provider operating in Louisiana. The deal is estimated to be worth between $5.75 billion and $6 billion, according to sources familiar with the matter. The current ownership group, which includes Macquarie Group Ltd., British Columbia Investment Management Corp., and Manulife Investment Management, is preparing to exit its position. This transition marks a significant shift in the capital structure of the regional utility provider. Insiders suggest that a formal announcement regarding the acquisition could be made as early as Monday. The transaction highlights the continued demand for regulated utility assets among private equity and infrastructure-focused investment firms. While the deal is a private corporate action, it establishes a critical valuation benchmark for similar energy infrastructure assets in the U.S. South. The entry of Stonepeak and Bernhard underscores a strategic appetite for stable, long-term cash flows associated with regulated power grids.