Ontario Municipal Employees Retirement System (OMERS) has entered into a definitive agreement to purchase an approximately 24 percent interest in Puget Holdings.
Puget’s core business is Puget Sound Energy, a regulated utility that is Washington state’s oldest local energy company, providing electric and natural gas service to homes and businesses primarily in the vibrant Puget Sound area. More than 1 million customers rely on PSE for electricity, while more than 800,000 count on PSE for natural gas.
In addition, Dutch pension fund manager PGGM also acquired a stake into Puget Holdings.
OMERS will have a 23.9 percent stake while PGGM holds a 10 percent stake.
And Alberta Investment Management Corporation (AIMCo), on behalf of certain of its clients, and the British Columbia Investment Management Corporation (BCI) are increasing positions they’ve held since 2009 by 6 percent and 4 percent to 13.6 percent and 20.9 percent, respectively.
Canada Pension Plan Investment Board (CPPIB), an investor since 2009, continues its 31.6 percent position.
AIMCo, BCI, OMERS and PGGM are acquiring the non-controlling, 44 percent interest held by Macquarie Infrastructure Partners (MIP) funds. The funds, which include investments other than Puget Sound Energy, are nearing the end of their terms as was anticipated when the 2009 investment was made.
