Baker & McKenzie recently represented Balfour Beatty Infrastructure Partners LP (BBIP), an infrastructure equity fund focusing on investments in utilities, energy and transport infrastructure, in its purchase of 100 percent of the stock of Upper Peninsula Power Company (UPPCO) from Integrys Energy Group, Inc. The transaction closed last week.
The acquisition of UPPCO is consistent with BBIP Investors’ strategy to invest in the key essential infrastructure sectors of energy, transportation and utilities in North America and Western Europe. The transaction was announced at the signing of definitive documentation in January and was approved by the Michigan Public Service Commission on 6 June and by the Federal Energy Regulatory Commission on 20 August.
UPPCO, a subsidiary of Integrys, is a regulated, electric utility business that provides distribution and power supply services to approximately 52,000 retail customers in the Upper Peninsula of Michigan. UPPCO was formed in 1947 through the merger of three small utilities (one of which dated back to 1884) and was acquired by Integrys in 1998.
Under the terms of the agreement, BBIP Investors are acquiring UPPCO’s electricity distribution and generation operations, excluding its American Transmission Company holdings.
“The completion of the acquisition of UPPCO is an important landmark for BBIP, representing BBIP Investors’ entrance into the North American utility markets," said BBIP managing partner Rob Gregor.
A cross-disciplinary team of Baker & McKenzie attorneys, led by partner Mona E. Dajani and closely supported by associates Omer Rafatullah and Kevin Jonas, advised BBIP in executing the transaction in the areas of energy, corporate, environmental, employment and benefits, tax, regulatory, labor, intellectual property, real estate and finance law.
“We were pleased to advise Balfour Beatty Infrastructure Partners in the closing of this strategic acquisition, which showcases our ability to collaborate seamlessly across multiple areas of law to efficiently assist our clients,” said Ms. Dajani, partner in Baker & McKenzie's North American Banking, Finance and Major Projects practice.
The Baker & McKenzie team also included partners James P. O'Brien (Chicago), Michael S. Smith (Chicago), Maura Ann McBreen (Chicago), Sarah Winston (Chicago), Kevin Coon (Toronto), Christopher Guldberg (Chicago), Alan Harvey (Dallas), Paul Hibbert (London), Samuel Kramer (Chicago), Richard Lipton (Chicago), Sylwia Lis (Washington, D.C.), Patricia McDonald (Chicago), Jose Moran (Chicago), Craig Roeder (Chicago), Richard Saines (Chicago) and Carole Spink (Chicago), and Associates Daniel DeDeo (Chicago), Elizabeth Ebersole (Chicago), John Fedele (Washington, D.C.), Daniel Firger (New York), Omar Galaria (Chicago), Alexandre Lamy (Washington, D.C.), Marisa Martin (Chicago), Brook Mestre (Dallas), Michael Poland (Chicago), Ryan Vann (Chicago), Andrew Warmus (Chicago), Jessica Wicha (Chicago) and Brian Zurawski (Chicago), along with staff members Vivianne Knierim (New York), James Looney (Chicago) and Clarisa Bonilla (Chicago).
