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January 20, 2014
14:35 EDTTEGIntegrys Energy sells Upper Peninsula Power Company for $298.8M
Integrys Energy Group and the infrastructure equity investment fund BBIP announced that they have entered into a definitive agreement in which Integrys will sell 100% of the stock of Upper Peninsula Power Company to BBIP. Under the terms of the agreement, the purchase price is approximately $298.8M, subject to post-closing adjustments, which will include changes to working capital and reimbursement for 2014 capital expenditures made by UPPCO prior to the close), for UPPCO's electricity distribution operations, excluding its American Transmission Company holdings. Integrys will provide certain services to BBIP under a transition services agreement. The transaction requires state and federal regulatory approvals, as well as certain other customary conditions and approvals, and is expected to close once these conditions are met. As a result of the anticipated closing of this transaction and receiving after-tax proceeds of approximately $220M by year-end 2014, Integrys . will suspend issuing new equity for its stock investment, dividend reinvestment and equity compensation plans, and will return to open market purchases for these programs. Integrys Energy Group expects to record a one-time after-tax gain of 60c per share. After a transition period of one to two years, Integrys Energy Group expects this transaction to be accretive to earnings by approximately 6c per share on an ongoing basis.
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