Integrys Energy Nets $299M In Mich. Utility Sale To Balfour

Law360, New York (January 21, 2014, 5:17 PM EST) -- Natural gas and and utility company Integrys Energy Group has agreed to sell the Upper Peninsula Power Co. to U.K.-based equity investment fund Balfour Beatty Infrastructure Partners for $298.8 million, Integrys announced Monday.

Chicago-based Intergrys, which owns various energy operations in Illinois, Minnesota, Wisconsin and Michigan, said it expects to gain approximately 60 cents per share in the sale after taxes. The sale is also expected to add about 6 cents per share to earnings moving forward, after a transition period of between one and two...
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