Integrys Energy Group To Sell 100% Of UPPCO Interests
Marquette, MI – (Great Lakes Radio News) – Integrys Energy Group and the equity investment fund Balfour Beatty Infrastructure Partners LP have announced a plan where Integrys will sell 100 percent of the stock of Upper Peninsula Power Company to BBIP.
The purchase price is approximately $298.8 million for UPPCO’s electricity distribution operations, excluding its American Transmission Company holdings.
Integrys will provide certain services to BBIP under a transition services agreement.
Intergrys officials say they are confident BBIP will be committed to UPPCO’s customers and employees.
UPPCO serves approximately 52,000 residential, commercial and industrial customers in the U.P.
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.