Seeking Alpha

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.
From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs