A consortium that includes the CPP Investment Board is taking Puget Sound Energy, a Bellevue, Washington-based utility, private.

The consortium also includes British Columbia Investment Management Corporation, Alberta Investment Management, Macquarie Infrastructure Partners, Macquarie-FSS Infrastructure Trust, and Macquarie Bank Limited.

The deal values Puget Sound Energy US$7.4 billion, which includes $3.2 billion in shareholder capital provided by the consortium, along with $1.6 billion of newly issued debt and $2.6 billion in existing debt that will be assumed.

“As long-term investors, we look for solid infrastructure assets like PSE,” says the CPPIB’s Mark Wiseman, senior vice-president – private investments. “We are pleased to partner with like-minded investors on this transaction as we continue to strengthen and grow our portfolio of infrastructure asset.”

The transaction is expected to close in the second half of 2008.

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