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Puget Sound Energy buyout conditionally approved by Washington utilities commission
By Lisa Kerner
Charlotte, N.C., Jan. 2 - The Washington Utilities and Transportation Commission approved the pending acquisition of Puget Sound Energy, Inc. and its parent company, Puget Energy, Inc., by Puget Holdings, LLC, a consortium of investors led by Macquarie Infrastructure Partners.
Puget Energy, Puget Sound Energy and Puget Holdings said they are reviewing the Washington commission's order that, subject to conditions, approves and adopts a multiparty settlement proposed by all but one of the parties, according to a form 8-K filed with the Securities and Exchange Commission.
In July, Puget Sound Energy, a Bellevue, Wash.-based electricity and natural gas utility, announced that it had reached an agreement with staff of the Utilities and Transportation Commission, the Industrial Customers of Northwest Utilities, Northwest Industrial Gas Users, the Energy Project, the Northwest Energy Coalition and Kroger Co.
The Cogeneration Coalition, another party to an administrative law action aiming to stop the sale, won't oppose the settlement, it was previously reported.
Deadline for accepting or rejecting the conditions in the offer is Jan. 9.
Other parties to the proceedings have 30 days to appeal the ruling, the filing said.
In July, it was announced that Puget Sound Energy's buyers will put up an additional $200 million of their own money into the $7.8 billion deal as part of an agreement to win the backing of many of the parties that had opposed the transaction.
Puget Energy announced the proposed $30-per-share buyout in October 2007. In addition to Macquarie, the consortium includes three Canadian pension plans.
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