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Stock Market & Financial Investment News

News Breaks
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.
News For TEG From The Last 14 Days
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June 29, 2015
10:37 EDTTEGWisconsin Energy completes acquisition of Integrys
Wisconsin Energy (WEC) announced it has completed the acquisition of Integrys Energy (TEG), forming the WEC Energy Group. The new company will provide electricity and natural gas to 4.4M customers across four states through its customer facing brands. The new dividend level for Wisconsin Energy shareholders as previously announced is effective today and represents an increase of 8.3% over the previous quarterly rate. The payout target for the combined company is 65%-70% of earnings. In connection with the acquisition, shares of Integrys common stock will be delisted and cease trading on the New York Stock Exchange before trading opens on June 30. Under the terms of the merger agreement, shareholders of Integrys will receive 1.128 shares of Wisconsin Energy Common stock and $18.58 in cash for each share of Integrys common stock they held immediately prior to the closing of the acquisition.
June 26, 2015
17:18 EDTTEGJ.B. Hunt to replace Integrys Energy in S&P 500 as of 6/30 close
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15:14 EDTTEGWisconsin Energy, Integrys deal to close on June 29
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June 24, 2015
13:42 EDTTEGWisconsin Energy says Illinois approves acquisition of Integrys Energy
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