On July 6, 2006, the Macquarie Consortium announced plans to buy Duquesne Light Holdings Inc. for US$1.6 billion and assume more than $1.26 billion in long-term debt. The total value of the transaction is approximately $3.15 billion.

Under the terms of the agreement, the Macquarie Consortium will pay $20 for each outstanding share of Duquesne Light Holdings, which owns the Pittsburgh, Pennsylvania, U.S.-based utility. Upon completion of the transaction, Duquesne Light Holdings' common stock will cease to be publicly traded and the company will be a wholly owned subsidiary of Castor Holdings, LLC, operating as Duquesne Light Holdings.

“Duquesne Light has made a significant commitment to improve the electric infrastructure of the region, in order to maintain the levels of service and reliability customers have come to expect,” said Morgan O'Brien, who will remain president and CEO of Duquesne Light. “Over the long term, Macquarie is committed to funding necessary maintenance and upgrades to the company's electric infrastructure.”