Integrys Energy To Sell Upper Peninsula Power Co. To Balfour Beatty

(RTTNews) - Integrys Energy Group, Inc. (TEG) Monday announced agreement to sell its Upper Peninsula Power Co., or UPPCO, to Balfour Beatty Infrastructure Partners LP, for approximately $298.8 million.

UPPCO is a regulated electric utility business providing distribution and power supply service to the Upper Peninsula of Michigan.

"The acquisition of UPPCO is a landmark transaction for BBIP. It fits well with our strategy of making long-term investments in high quality, core infrastructure assets in the utility, energy, and transport sectors, " Rob Gregor BBIP, Managing Partner.

The acquisition provides UPPCO with the capital necessary to maintain and improve its existing delivery infrastructure. The affiliation with Balfour Beatty plc will furthur strengthen UPPCO's presence in Michigan.

"The proceeds from the sale will substantially reduce the need to issue new equity to fund generation and infrastructure requirements at our other regulated utilities, " said Charles Schrock Chairman and CEO.