Integrys Energy to Sell Upper Peninsula Power Company to BBIP for $298.8M
Integrys Energy (NYSE: TEG) and the infrastructure equity
investment fund BBIP (Balfour Beatty Infrastructure Partners LP)
announced today that they have entered into a definitive agreement in
which Integrys will sell 100 percent of the stock of Upper Peninsula
Power Company (UPPCO) to BBIP.
Under the terms of the agreement, the purchase price is approximately $298.8 million (subject to post-closing adjustments, which will include changes to working capital and reimbursement for 2014 capital expenditures made by UPPCO prior to the close) for UPPCO's electricity distribution operations, excluding its American Transmission Company holdings. To help ensure a smooth and seamless transition, Integrys will provide certain services to BBIP under a transition services agreement. The transaction requires state and federal regulatory approvals, as well as certain other customary conditions and approvals, and is expected to close once these conditions are met.