Integrys to sell Upper Peninsula Power to BBIP for $299M

Integrys Energy (TEG +1.4%) opens higher after announcing yesterday it agreed to sell its Upper Peninsula Power Company business to Balfour Beatty Infrastructure Partners for ~$299M.

TEG says it will book an after-tax gain of $0.60/share because of the deal; after a one- or two-year transition period, it expects the deal to add ~$0.06/share to earnings on an ongoing basis.

Because of the deal, TEG plans to suspend issuing new equity for its stock investment, dividend reinvestment and equity compensation plans.

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