Integrys Energy Group has agreed to sell the Upper Peninsula Power Company to Balfour Beatty Infrastructure Partners LP.
The group announced on Monday that it will be selling 100 percent of the stock of UPPCO to BBIP after reaching a definitive agreement.
"This transaction is consistent with our asset management strategy," said Integrys Chairman and Chief Executive Officer Charles A. Schrock. "The proceeds will substantially reduce the need to issue new equity to fund generation and infrastructure requirements at our other regulated utilities. We are confident BBIP will be committed to UPPCO's customers, employees and the Upper Peninsula."
BBIP's managing partner, Rob Gregor, stated that this change of ownership will mean business as usual for UPPCO customers and stakeholders.
"We will maintain the company's Michigan headquarters and, as long-term investors, we are committed to maintaining safe and reliable customer service, and investing in the company and the communities UPPCO serves," added Gregor.
According to Integrys, BBIP approached the group in early 2013 regarding the sale of UPPCO. For more information on the terms of agreement surrounding the sale, click here and visit the Integrys Energy Group website.