NiSource Inc. announced today the Federal Energy Regulatory Commission (FERC) granted approval of the acquisition of a 19.9% equity interest in the company’s Northern Indiana Public Service Company LLC (NIPSCO) subsidiary by an affiliate of Blackstone Infrastructure Partners (NYSE: BX). As previously announced, upon closing of the transaction, the Blackstone affiliate will acquire a 19.9% equity interest in NIPSCO Holdings II LLC, which owns all of the equity interests of NIPSCO, and NiSource will own the remaining 80.1% of NIPSCO Holdings II LLC.
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“We are pleased to have received FERC’s approval of the proposed transaction with Blackstone Infrastructure Partners,” said Shawn Anderson, NiSource’s executive vice president and CFO. “Following the transaction close, NiSource’s balance sheet will be strengthened and positioned to support an ongoing robust capital expenditures program. We believe this valued partnership with Blackstone will greatly benefit our communities in Northwest Indiana, and the further development of our NIPSCO operating company — a critical piece to ensuring long-term safety and reliability, while supporting the energy transition.”
Approval from FERC is the only regulatory approval required for completion of the transaction. NiSource continues to expect the transaction to close by year-end 2023.
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