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Alliant Energy Corp Announces Agreements To Sell Minnesota Electric And Natural Gas Distribution Businesses to Integrys Energy Group Inc's Minnesota Energy Resources Corporation


Tuesday, 3 Sep 2013 05:00pm EDT 

Alliant Energy Corp announced agreements to sell its Minnesota electric and natural gas distribution businesses. The electric distribution business in the state will be sold to Southern Minnesota Energy Cooperative (SMEC), a combined group of 12 neighboring electric cooperatives. Alliant Energy's Minnesota natural gas business will be sold to Minnesota Energy Resources Corporation, a subsidiary of Integrys Energy Group Inc. The combined sales price of the electric and natural gas assets is approximately $128 million, subject to customary closing adjustments. The electric sales agreement also includes a ten-year purchased power agreement (PPA) between SMEC and Alliant Energy's Iowa electric utility. With the PPA agreement, Alliant Energy's current Minnesota electric customers will continue to receive energy from a diverse portfolio of generation resources while future electric generation needs and plans for Alliant Energy's Iowa utility are unchanged. Alliant Energy will continue to operate its electric generation facilities in Minnesota. The sales of the Company assets require state and federal approvals, which are expected to occur in six to twelve months. Wells Fargo Securities, LLC served as Alliant Energy's exclusive financial advisor on the electric transaction. 

Company Quote

57.63
0.2 +0.35%
4:04pm EDT