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Bellevue, Wash.-based Puget Energy, the parent company of Puget Sound Energy (PSE), has announced that it has entered into a definitive merger agreement with a consortium of long-term infrastructure investors.

The consortium is led by Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board and British Columbia Investment Management Corp., and includes Alberta Investment Management, Macquarie-FSS Infrastructure Trust and Macquarie Bank Ltd.

Under the terms of the agreement, the consortium will acquire all of the outstanding shares of Puget Energy for $30 per share in cash, representing a 25% premium based upon Puget Energy's closing share price on Oct. 25, the last trading day prior to announcement of the transaction.

Following the merger, expected to close in 2008, PSE will remain in Bellevue with current management and employees and continue to pursue cost-effective energy efficiency and low-cost procurement of sustainable energy resources, according to the company



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