Integrys Energy Group and the infrastructure equity investment fund BBIP (Balfour Beatty Infrastructure Partners LP) entered into a definitive agreement in which Integrys will sell 100 percent of the stock of Upper Peninsula Power Company (UPPCO) to BBIP. UPPCO is a regulated electric utility business providing distribution and power supply service to approximately 52,000 residential, commercial and industrial customers in the Upper Peninsula of Michigan. 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. 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.
