Puget Energy Agrees to Takeover

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Puget Energy, a utility holding company, announced Friday it agreed to be acquired by a group of investors for about $3.5 billion dollars, plus assumed debt of $3.2 billion. The agreement, expected to close in the second half of next year, will play current shareholders $30/share, a 25% premium above Thursday's close. The investor group is led by Macquarie Infrastructure Partners, the Canada Pension Plan Investment Boardand British Columbia Investment Management. The company will be run by the consortium, but the headquarters will in stay in Bellevue, Washington, and the current management will remain intact. "Partnering with the consortium, which is comprised of committed and experienced long-term infrastructure investors, will provide the best end result for our customers, our employees and the communities we serve in western Washington," said Puget Energy CEO Stephen P. Reynolds. "This will be business as usual, only better." Shares of Puget jumped on the news, trading 16.1% higher to $27.80 in midday trading Friday.

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