WPS Closes Buy of Minnesota Gas Assets
WPS Resources (WPS), an electric and natural gas energy and related services provider, completed the acquisition of certain Minnestoa natural gas distribution operations from Kansas City, Mo.-based Aquila (ILA) for $333 million.
The price includes estimated closing adjustments relating primarily to working capital of about $45 million.
Under the terms of the deal announced on Sept. 21, the assets will be owned and operated by WPS Resources' wholly owned subsidiary, Minnesota Energy Resources.
The Green Bay, Wis.-based company said that it will absorb all of the operations' 226 Minnesota employees.The Minnesota natural gas distribution operations provide gas distribution service to about 200,000 customers throughout the state in 165 cities and communities including Grand Rapids, Pine City, Rochester, and Dakota County. ''The addition of regulated natural gas distribution operations in a jurisdiction complementary to WPS Resources' existing regulated electric and natural gas operations in Wisconsin and Michigan will transition WPS Resources to a larger, stronger regional energy company,'' the company said.
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