OMERS Infrastructure Management has agreed to acquire a 24 percent stake in Puget Holdings LLC, which holds Puget Sound Energy, the oldest and largest energy utility in Washington state. Terms weren’t disclosed.
In a statement, Puget said Alberta Investment Management Corp (AIMCo) and British Columbia Investment Management Corp (BCI) are also increasing positions they have held since 2009 to 13.6 percent and 20.9 percent, respectively.
Canada Pension Plan Investment Board, also an investor since 2009, continues with a 31.6 percent stake.
Investments by OMERS, AIMCo, BCI and Dutch pension system PGGM will acquire the 44 percent interest held by Macquarie Infrastructure Partners.
Bellevue-based Puget provides electric and natural gas services to homes and businesses in the Puget Sound area.
OMERS Infrastructure Announces Investment in Puget Sound Energy
NEW YORK and TORONTO, Aug. 08, 2018 (GLOBE NEWSWIRE) — OMERS Infrastructure announced today that it has entered into a definitive agreement to purchase an approximately 24 percent interest in Puget Holdings LLC (Puget). Puget’s core business is Puget Sound Energy (PSE), a regulated utility that is Washington state’s oldest local energy company, providing electric and natural gas service to homes and businesses primarily in the vibrant Puget Sound area. More than one million customers rely on PSE for electricity, while more than 800,000 count on PSE for natural gas.
OMERS Infrastructure is the infrastructure investment manager of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada.
“We are very pleased to announce our investment in Puget, which fits strongly with our strategy of acquiring assets aimed at generating steady, long-term cash flow to pay pensions to the OMERS members,” said Ralph Berg, OMERS Infrastructure’s Executive Vice President and Global Head. “The acquisition of Puget strengthens our presence in the US, including our investments in the Chicago Skyway toll road and Oncor Electric Delivery, the largest transmission and distribution company in Texas,” he added.
“We look forward to working with the management team at Puget to continue to efficiently invest for the community, promote the generation of reliable energy and provide high service standards to its customers,” said Michael Ryder, Senior Managing Director, Americas, for OMERS Infrastructure.
Further financial information is not being disclosed.
For Further Information;
Neil Hrab, OMERS Manager, External Communications and Media Relations
About OMERS and OMERS Infrastructure
OMERS Infrastructure invests globally in infrastructure assets on behalf of OMERS, the defined benefit pension plan for Ontario’s municipal employees. Investments are aimed at steady returns to help deliver strong and sustainable pensions to OMERS members. OMERS Infrastructure’s diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, transportation and government-regulated services.
OMERS has employees in Toronto and other major cities across North America, the U.K., Europe, Asia and Australia. OMERS is one of Canada’s largest defined benefit pension funds, with net assets of more than C$95 billion. Visit www.omersprivatemarkets.com for more information.