US utility Puget Energy has entered into a definitive merger agreement with a consortium of long-term infrastructure investors led by Australia's Macquarie Infrastructure Partners.
Under the terms of the agreement, the consortium will acquire all of the outstanding shares of Puget Energy for $30 per share in cash, representing over a 25% premium based on Puget Energy’s closing share price on October 25, 2007. According to theage.com, this values the deal at $7.4 billion.
The transaction is expected to close during the second half of 2008, subject to approval by Puget Energy’s shareholders and certain regulatory approvals, including those from the Federal Energy Regulatory Commission.
In a press release regarding the transaction, Christopher Leslie, CEO of Macquarie Infrastructure Partners (MIP), said: PSE is Washington’s oldest and largest energy utility; it is a strong, stable company with a growing customer base in a market that has displayed consistent demand over time.