Bracewell Represents Integrys Energy Group in $298 Million Sale of Michigan Electric Utility to BBIP
Bracewell & Giuliani LLP is representing Integrys Energy Group, Inc. (Integrys), the Chicago based utility holding company, in the sale of 100 percent of the stock of Upper Peninsula Power Company (UPPCO) to Balfour Beatty Infrastructure Partners LP (BBIP), a new U.K. infrastructure investment fund. This transaction is valued at approximately $298 million. The transaction represents the first major investment by BBIP in the U.S.
UPPCO is a regulated electric utility business providing distribution and power supply service to approximately 52,000 residential, commercial and industrial customers in the Upper Peninsula of Michigan. UPPCO was formed in 1947 through the merger of three small utilities and was acquired by Integrys in 1998.
This transaction is expected to close by year-end 2014.
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Bracewell attorneys involved in this transaction include:
Partners: Lance W. Behnke, Catherine P. McCarthy, Elizabeth L. McGinley, Scott C. Sanders and Darren Spalding
Counsel: Jacqueline R. Java and Josh C. Zive