MARQUETTE - Integrys Energy Group announced today it will sell 100 percent of its stock in the Upper Peninsula Power Co. to the infrastructure equity investment fund Balfour Beatty Infrastructure Partners.
"We are confident BBIP will be committed to UPPCO's customers, employees and the Upper Peninsula," Integrys chairman and chief executive officer Charles A. Schrock said in a news release.
Under terms of the agreement, the purchase price is about $299 million for UPPCO's electricity distribution operations, excluding its American Transmission Co. holdings.
UPPCO is a regulated electric utility business providing distribution and power supply service to about 52,000 residential, commercial and industrial customers in the U.P. The company was formed through the merger of three small utilities in 1947 and was acquired by Integrys in 1998.