Image Source: Cleco Corporation investor presentation

What: Shares of Louisiana utility company Cleco Corporation (NYSE: CNL) are up more than 13% as of 11:00 am EST Tuesday following the news that regulators have approved the sale of Cleco to a consortium of investors led by Australian investment bank Macquarie Group.

So What: Back in October, the Macquarie led group made an offer to buy Cleco for $3.4 billion, but the initial proposal was met with some resistance from the Louisiana Public Service Commission over fears of rate hikes for customers. After adding a few extra perks for customers such as a promise for no rate hikes until 2019, the Commission decided to approve the deal where investors will get $55.37 per share.

And as you can imagine, shares are up Tuesday to just under that purchase price.

Now What: With the deal in place and approved, there isn't a whole lot left to gain from buying this stock. All interests in the company will be paid in cash, so you won't be getting any equity interest in Macquarie or its partners in the purchase. If you are an owner, it's probably time to start doing your research on an income paying, regulated utility since you won't be receiving dividend checks from your investment in Cleco much longer.