Buyers expect Puget Energy deal to close in February

Parties to the $7.4bn take-private of the largest utility in Washington State see no remaining obstacles to the transaction after state regulators' approval of the merger.

Puget Holdings, a Macquarie-led consortium of investors seeking to acquire Washington State’s largest utility, expect the $7.4 billion transaction to close by 6 February.

The announcement follows last month’s 2-1 decision by the Washington Utilities and Transportation Commission to approve the merger, which has been in the works since Puget Holdings offered $30 per share to acquire the utility in October 2007.

“We accept the Washington Utilities and Transportation Commission order approving the merger and expect to close the transaction by 6 February,” Chris Leslie, chief executive officer of Macquarie Infrastructure Partners (MIP), said in a statement.

MIP is part of the acquiring consortium, which also includes the Canada Pension Investment Board, the British Columbia Investment Management Corporation, Alberta Investment Management, the Macquarie-FSS Infrastructure Trust and Macquarie Capital Group.

Shares of the New York Stock Exchange-listed Puget Energy jumped $3.35 to $29.58 after the announcement was made.