Puget Sound Energy (PSE), a regulated utility subsidiary of Puget Energy, providing electric and natural gas service to the Puget Sound region of western Washington, and a consortium of North American infrastructure investors have filed an application with the Washington Utilities and Transportation Commission (WUTC) to request its approval in connection with the proposed merger of Puget Energy announced on Oct. 26.
Under the terms of the merger agreement, the consortium will acquire all of the outstanding common shares of Puget Energy for $30 per share in cash, subject to the approval of Puget Energy's shareholders and certain regulatory approvals.
‘We're taking the necessary steps to move forward with the merger by preparing and filing the requisite applications and materials to receive regulatory approval,’ says Stephen P. Reynolds, chairman, president and CEO of Puget Energy and PSE.
On Dec. 3, after receiving notice of early termination of the required waiting period under the Hart-Scott-Rodino Act, Reynolds notes, Puget Energy completed the sale to the consortium of 12.5 million shares for an aggregate offering price of approximately $296 million. This infusion will fund PSE's ongoing construction program and working capital needs.
PSE owns the 229 MW Wild Horse Wind Facility – commissioned in December 2006 – and the 150 MW Hopkins Ridge Wind Facility.