Puget Energy's sale to Australian and Canadian investors won't close this year as expected, but participants are still committed to completing the deal, the company said Thursday.
The sale of Puget Energy to a group of Australian and Canadian investors won’t happen in 2008, the company said Thursday. But the holding company for the state’s largest utility reiterated that all financing is in place and the buyers remain committed to completing the transaction.
The company had previously expected to close the deal before the end of the year. The year-old acquisition plan would would pay Puget Energy shareholders $30 a share.
In a filing with the Securities and Exchange Commission, Puget Energy said it would take 15 business days for the transaction to close after it’s approved by the state Utilities and Transportation Commission. Since that approval has not yet been granted, there aren’t enough business days remaining this year.
Ángel González: 206-515-5644 or email@example.com
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