General
Aquila (ILA), an electricity and natural gas service provider, closed the sale of its natural gas utility operations in Michigan and two power generation peaking facilities in Illinois.
The Kansas City, Mo.-based Aquila's Michigan gas business was sold for a base price of $269.5 million, plus an adjustment for working capital and other items to Michigan Gas Utilities, a subsidiary of WPS Resources(WPS). Aquila's two merchant power generation peaking plants were bought by a subsidiary of Ameren for a total price of $175 million. Aquila will use sale proceeds to reduce debt and other liabilities, the company said in a press release.TheStreet Premium Services
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