Macquarie Asset Management, Ontario Teachers' Pension Buy 32% Stake in Puget
08 July 2021 - 4:05AM
Dow Jones News
By Adriano Marchese
Macquarie Asset Management and Ontario Teachers' Pension Plan
Board have acquired an about 32% stake in Puget Holdings from
Canada Pension Plan Investment Board for an undisclosed sum.
Macquarie Asset Management, part of the Australian investment
bank and financial services company Macquarie Group Ltd., said the
investment in Puget--whose main operating subsidiary is Washington
electric and natural-gas utility Puget Sound Energy--comes amid a
requirement for electric utilities in the state of Washington to
eliminate coal-fired power by 2025 and supply carbon-free
electricity by 2045.
"The state's decarbonisation policies align with commitments
made by MAM and Ontario Teachers' to achieve net-zero greenhouse
gas emissions by portfolio companies," the company said.
Both Macquarie and Ontario Teachers'--the administer of
defined-benefit pensions for school teachers in the Canadian
province of Ontario--will receive an equal stake, holding about 16%
each in Puget after the close of the acquisition.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 07, 2021 14:05 ET (18:05 GMT)
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