Puget Holdings LLC has completed its $7.4 billion merger transaction with Puget Energy and its wholly owned utility subsidiary, Puget Sound Energy (PSE), acquiring all of the issued and outstanding common shares of Puget Energy for $30 a share.
This transaction will enable PSE to continue to make significant investments in renewable resources to meet evolving green energy requirements and investments in its distribution system for natural gas and electricity customers to improve security and reliability, according to the company. The transaction also includes a $5 million contribution to the Puget Sound Energy Foundation to support local community services and programs.
PSE says it will continue with its commitment to renewable resources, such as wind power, with a goal of securing 10% of its power supply from renewable resources by 2013. The company will also identify ways to obtain energy efficiency improvements in the generation, transmission and distribution of energy.
In addition, William S. Ayer, chairman and CEO of Alaska Air Group, became the chairman of the boards of directors for Puget Energy and PSE. Stephen P. Reynolds, who relinquished his three-year title as chairman, remains as PSE president and CEO, continuing to serve on the Puget Energy and PSE boards.
SOURCE: Puget Sound Energy