Content area
Full Text
Integrys Energy Group Inc. on Jan. 20 said it agreed to unload 100% of the stock of Upper Peninsula Power Co. Balfour Beatty Infrastructure Partners LP for approximately $298.8 million.
The purchase price is subject to post-closing adjustments, which will include changes to working capital and reimbursement for 2014 capital expenditures made by Upper Peninsula Power prior to the close of the deal. Balfour Beatty Infrastructure Partners LP is the fund vehicle for Balfour Beatty Infrastructure Partners LLP.
Balfour Beatty came to Integrys Energy Group with the idea in early 2013. After discussions, a definitive agreement was signed for the transaction that will transfer Upper Peninsula Power's electricity distribution operations but excluding its American Transmission Co. LLC holdings. To effect a smooth transition, Integrys Energy Group will provide certain services to Balfour...