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Consortium to acquire Puget Energy in $7.4bn deal29/10/2007. Source: AltAssets. 
 Washington-based electric and gas utility Puget Sound Energy has agreed to be taken private by a consortium led by Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board and British Columbia Investment Management Corporation in a deal with an enterprise value worth approximately $7.4bn. The consortium also included Alberta Investment Management, Macquarie-FSS Infrastructure Trust and Macquarie Bank.
The consortium will acquire all of the outstanding shares of Puget Energy for $30 per share in cash, representing a 25 per cent premium on Puget Energy's closing share price on 25 October 2007, according to a statement. The transaction also included the assumption of approximately $3.2bn of Puget Energy redeemable securities and outstanding debt obligations.
The consortium will invest $3.2bn of equity and take on $2.6bn of existing debt and $1.6bn of newly issued debt.
Christopher J Leslie, CEO of Macquarie Infrastructure Partners, said, 'PSE is Washington's oldest and largest energy utility; it is a strong, stable company with a growing customer base in a market that has displayed consistent demand over time.
'Those characteristics, along with the strong existing PSE management team, are appealing to the consortium's investors, most of whom are US and Canadian pension funds and institutions. We are firmly committed to providing PSE with the capital necessary to maintain and improve its existing delivery infrastructure and to further explore and develop more energy efficient programs and new sources of renewable power,' he added.
Puget Sound Energy is Washington State's largest energy utility, with a 6,000-square-mile service territory stretching across 11 counties.
Macquarie Infrastructure Partners is the infrastructure arm of Australian investment house Macquarie. MIP has ten investments including stakes in New England water utility, Aquarion Company; Pittsburgh-based electric utility, Duquesne Light; two Canadian port terminals and four toll roads in the US.
Copyright © 2007 AltAssets
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