$7.4 billion sale of Puget Energy completed
Published 8:26 pm Friday, February 6, 2009
SEATTLE — The sale of Puget Energy to a consortium of Australian and Canadian investors has been completed.
The $7.4 billion transaction, announced Friday by the state’s largest utility company, pays existing stockholders $30 per share. It means the company’s shares will no longer trade publicly.
The utility subsidiary, Puget Sound Energy, serves 1 million electric and nearly 750,000 natural gas customers in Western Washington.
The proposed deal was announced Oct. 26, 2007. Shareholders and the Federal Energy Regulatory Commission approved the sale in April 2008, and the Washington Utilities and Transportation Commission gave its go-ahead on Dec. 30.
