Puget Energy sets meeting date for acquisition vote

By Lisa Kerner

Charlotte, N.C., Feb. 19 - Puget Energy, Inc. shareholders will vote on the company's acquisition by a consortium of institutional investors at a special meeting at 1 p.m. ET on April 16.

The consortium includes Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board, British Columbia Investment Management Corp., Alberta Investment Management, Macquarie-FSS Infrastructure Trust and Macquarie Capital, a company news release stated.

Puget Energy, the parent company of Puget Sound Energy, agreed to be acquired for $30.00 per share in cash, or a total of $7.4 billion, including $3.2 billion of Puget Energy redeemable securities and outstanding debt.

It was previously reported that the consortium committed to an initial investment of $300 million via a separate private placement of 12.5 million shares of newly issued Puget Energy common stock priced at $23.67 per share. The proceeds will be used for the company's ongoing construction program and working capital.

In addition, the consortium agreed to secure credit facilities of at least $2.15 billion to help fund Puget Sound Energy's capital expenditures and to support energy hedging activities.

Puget Energy and Puget Sound Energy, a regulated utility, will continue to be based in Bellevue, Wash., with current management remaining.

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