MARQUETTE, Mich. (AP) — Integrys Energy Group plans to sell all its stock in the Upper Peninsula Power Co. to an infrastructure equity investment fund.
Under terms of the agreement announced Monday with Balfour Beatty Infrastructure Partners, the purchase price is about $298.8 million for UPPCO's electricity distribution operations, excluding UPPCO's its American Transmission Co. holdings.
The Upper Peninsula utility provides distribution and power supply service to approximately 52,000 residential, commercial and industrial customers. UPPCO was formed in 1947 through the merger of three small utilities and was acquired by Integrys in 1998.
According to a statement from the businesses, Balfour Beatty Infrastructure Partners approached Integrys about the sale in early 2013.