European fund plans sale of US utility

14 February 2020 - 12:00 am UTC

London-headquartered Basalt Infrastructure Partners is planning to put up for sale the Upper Peninsula Power Co. (UPPCO), a regulated electric utility business in Michigan, sister publication SparkSpread reported citing several sources.

The infrastructure fund contacted potential sell-side advisors earlier this year, one of the sources noted.

Officials at Basalt did not immediately respond to requests for comment.

Basalt, which was then known as Balfour Beatty Infrastructure Partners, acquired the utility in 2014 for USD 298.8m from Integrys Energy Group.

UPPCO provides electric service to some 52,000 residential, commercial and industrial customers, according to Basalt’s website.

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