OMERS Infrastructure announced today that it has entered into a definitive agreement to purchase an approximately 24 percent interest in Puget Holdings LLC (Puget). Puget’s core business is Puget Sound Energy (PSE), a regulated utility that is Washington state’s oldest local energy company, providing electric and natural gas service to homes and businesses primarily in the vibrant Puget Sound area. More than one million customers rely on PSE for electricity, while more than 800,000 count on PSE for natural gas.
OMERS Infrastructure is the infrastructure investment manager of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada.
“We are very pleased to announce our investment in Puget, which fits strongly with our strategy of acquiring assets aimed at generating steady, long-term cash flow to pay pensions to the OMERS members,” said Ralph Berg, OMERS Infrastructure’s Executive Vice President and Global Head. “The acquisition of Puget strengthens our presence in the US, including our investments in the Chicago Skyway toll road and Oncor Electric Delivery, the largest transmission and distribution company in Texas,” he added.
“We look forward to working with the management team at Puget to continue to efficiently invest for the community, promote the generation of reliable energy and provide high service standards to its customers,” said Michael Ryder, Senior Managing Director, Americas, for OMERS Infrastructure.
Further financial information is not being disclosed.