Integrys Energy Group, Inc. (TEG), a regulated electric and natural gas utility company, said Monday that its nonregulated energy subsidiary, Integrys Energy Services Inc., signed an agreement to sell its energy consulting business to Minneapolis-based U.S. Energy Services, Inc. for an undisclosed sum. The deal, which requires certain contractual consents, is expected to close in the third quarter of 2009.
Although financial terms of the transaction were not disclosed, Integrys Energy Group said the value realized is in line with its recovered capital expectations associated with its nonregulated segment divestiture plans.
J.P. Morgan Securities Inc. acted as exclusive financial advisor to Integrys Energy Group and Thorndike Landing acted as lead advisor to Integrys Energy Services for this transaction.
TEG is currently trading at $30.99, down $0.28 or 0.90%, on 62,518 shares.
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