Puget Energy obtains financing to complete merger with Macquarie Infrastructure Partners

By Lisa Kerner and Jennifer Lanning Drey

Charlotte, N.C., Dec. 11 - Puget Holdings LLC, a consortium of long-term infrastructure investors, has committed equity and debt financing to complete the pending buyout of Puget Energy Inc. by a group of investors led by Macquarie Infrastructure Partners.

The investment group offered $30 a share for Puget Energy, which is the parent company of Bellevue, Wash.-based electricity and natural gas utility Puget Sound Energy, Inc.

The merger remains subject to approval by the Washington Utilities and Transportation Commission. It can no longer close before the end of the year due to the limited number of remaining business days, a company source said Thursday.

On July 21, Puget Sound Energy and Puget Holdings reached a settlement with all but one of the parties to resolve all issues in the merger proceeding, according to a form 8-K filed with the Securities and Exchange Commission.

Puget Energy announced the proposed buyout in October 2007.

According to Puget Energy, it needs capital to finance maintenance and new infrastructure required to meet increased customer demand.

Macquarie Infrastructure Partners is a subsidiary of Australian banking firm Macquarie Group.

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