Integrys Energy Group (NYSE: TEG) announced that its subsidiary, Wisconsin Public Service Corp. (WPS), has agreed to buy Fox Energy Co. LLC. The $440 million purchase includes $390 million for the Fox Energy Center, a 593 MW combined cycle generating facility in Kaukauna, Wisc. and $50 million for the early termination of the existing tolling agreement between the entities.
The transaction is expected to close on or around April 1, 2013. The agreement is subject to the approval of the lenders who currently provide project financing for the sellers. The transaction is also subject to state regulatory approvals, including cost recovery, federal regulatory approvals, and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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