BELLEVUE — A group of Canadian investors is buying Puget Sound Energy, the state’s largest private utility.
Puget Energy, the parent company, says the consortium is paying a 25 percent premium over yesterday’s closing stock price.
The deal is subject to the approval of shareholders and regulators but the company expects it to close in the second half of 2008. The headquarters will remain in Bellevue and Steve Reynolds will remain as CEO with current management and employees.
Puget Sound Energy has more than one million electricity customers and 721,000 natural gas customers in 11 counties, mostly in Western Washington.
The buyers group is led by Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board, and British Columbia Investment Management Corporation.
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