Tenaska Power Fund Acquires Puget Energy’s InfrastruX Group
Tenaska Capital Management (Omaha, Nebraska, U.S.), on behalf of the Tenaska Power Fund, has signed an agreement to acquire InfrastruX Group, a provider of infrastructure construction services to utility industries, from Puget Energy (Bellevue, Washington, U.S.). The transaction is expected to close by May 12, 2006, at a sale price of US$275 million. Puget Energy will use the proceeds from the sale to repay debt and support its core utility business, Puget Sound Energy.
InfrastruX Group, headquartered in Bellevue, Washington, with more than 3000 employees and annual revenues of nearly $400 million, will maintain its focus on exceptional providing products and services to its utility customers. InfrastruX Group will continue to be led by President and CEO Michael Lennon.
“This is an exciting opportunity for InfrastruX Group, our employees and our customers, and provides us with an opportunity to build a strong future,” says Lennon. “ Tenaska’s nationwide presence and well-known leadership in the electric generation and energy marketing industry will complement InfrastruX’s goals and customer base, and enable investment and growth in our core service offerings.”
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