Puget Sound Energy buyout set to close by Feb. 6

By Lisa Kerner

Charlotte, N.C., Jan. 16 - Puget Holdings LLC said it expects to complete its $7.4 billion acquisition of Puget Sound Energy, Inc. and its parent company, Puget Energy, Inc., by Feb. 6.

According to Puget Holdings, it accepted the Washington Utilities and Transportation Commission's order, paving the way for the merger's close.

Puget Holdings said it will support Puget Sound Energy's $5 billion capital program for the next five years and provide its customers with $100 million in rate credits and other savings.

In October, Puget Holdings, a consortium of investors led by Macquarie Infrastructure Partners, announced it would buy Puget Sound Energy for $30 per share.

Puget Sound Energy will continue to operate at its headquarters location in Bellevue, Wash., and three of the gas and electric utility company's board members will remain once the buyout is complete.

William (Bill) S. Ayer, chairman and chief executive officer of Alaska Air Group Inc., will become the chairman of the boards of directors for Puget Holdings and Puget Sound Energy.

Stephen P. Reynolds will remain as president and CEO of Puget Sound Energy and will serve on the boards of Puget Holdings and Puget Sound Energy.

Puget Energy said it plans to pay a special pro rata dividend to ensure that shareholders continue to receive dividends at the current rate until the merger closes. The amount of the dividend will be based on the number of days from the last regular dividend record date, Jan. 21, until the closing date of the merger.

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