Puget Energy buyout by investors nearer to completion; state regulatory OK still needed

By Angela McDaniels

Tacoma, Wash., Oct. 9 - Puget Energy Inc. received notice that the last step before the Washington Utilities and Transportation Commission issues a final order on the company's acquisition by an investor group - the filing of reply briefs - must be completed by Oct. 23.

The commission began regulatory hearings on the matter in late August.

If approval from the commission is received and customary conditions are met, the company expects its buyout to be completed before the end of the year.

All federal regulatory and shareholder approvals required for the merger have been obtained, and the investor group has equity and debt financing in place to complete the merger, according to a company news release.

Puget Energy agreed in October 2007 to be acquired by a consortium of long-term infrastructure investors led by Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board and British Columbia Investment Management Corp.

The consortium will acquire all of the outstanding common stock of Puget Energy for $30 per share in cash, or a total of $7.4 billion including $3.2 billion of Puget Energy redeemable securities and outstanding debt obligations.

Puget Energy is the Bellevue, Wash.-based parent company of Puget Sound Energy, a regulated utility.

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