NiSource to Sell 19.9% Stake in NIPSCO to Blackstone For $2.15 Billion
20 Junho 2023 - 8:07AM
Dow Jones News
By Will Feuer
Energy company NiSource said it has agreed to sell a 19.9% stake
in its electric utility in Indiana to Blackstone Infrastructure
Partners, an affiliate of private-equity firm Blackstone, for $2.15
billion.
The deal, expected to close by the end of the year, gives
NIPSCO, or the Northern Indiana Public Service Co., an equity
valuation of $10.8 billion. NiSource will continue to operate
NIPSCO, with Blackstone receiving minority rights.
NiSource said it plans to use the cash from the deal to pay down
debt, support operations and fund the transition toward renewable
generation. Through 2030, NIPSCO expects to invest about $3.5
billion in the electric generation transition, with most of that
investment focused on installing new renewable generation to
replace coal-fired generation retirements.
Shares of NiSource rose 2.3% to $28.00 in premarket trading.
Blackstone shares fell 0.6% to $90.55.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
June 20, 2023 06:52 ET (10:52 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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