Macquarie Asset Management and Ontario Teachers’ Sign Agreement to Acquire Stake in Puget Holdings
07 Julio 2021 - 12:15PM
Business Wire
Macquarie Asset Management (“MAM”) and Ontario Teachers’ Pension
Plan Board (“Ontario Teachers'”) today announced the signing of an
agreement to jointly acquire a 31.6 per cent stake in Puget
Holdings (“Puget”) from Canada Pension Plan Investment Board (“CPP
Investments”). Puget’s primary operating subsidiary, Puget Sound
Energy (PSE), is the oldest and largest electric and natural gas
utility in the State of Washington, serving approximately 1.2
million electric customers and 900,000 natural gas customers in the
Puget Sound region. MAM and Ontario Teachers' will each hold a 15.8
per cent stake in Puget after the close of the acquisition.
The investment in Puget comes amid a requirement for electric
utilities in Washington to eliminate coal-fired power by 2025 and
supply 100% carbon free electricity by 2045. The state’s
decarbonization policies align with commitments made by MAM and
Ontario Teachers' to achieve net zero greenhouse gas emissions by
portfolio companies.
“We are very excited to once again partner with Puget and its
strong management team,” said David Fass, Head of Macquarie
Infrastructure and Real Assets, Americas. “We have always believed
Puget to be an outstanding company with an industry-leading
commitment to safety, reliability and sustainability. Particularly
after the passage of landmark environmental legislation like the
Clean Energy Transformation Act, we are thrilled to be reinvesting
in the company at this critical time.”
“We are pleased to become shareholders in Puget and expand our
portfolio of core infrastructure assets in the United States,” said
Dale Burgess, Senior Managing Director of Infrastructure &
Natural Resources at Ontario Teachers’. “Puget will play a key role
in decarbonizing Washington State’s power generation and assisting
local industries and consumers to lower their carbon footprints,
which is aligned with our own net zero ambition and focus on
helping our portfolio companies transition to and thrive in a
low-carbon economy.”
Completion of the transaction is subject to customary closing
conditions and regulatory approvals.
About Macquarie Asset Management
Macquarie Asset Management provides specialist investment
solutions to clients across a range of capabilities including
infrastructure & renewables, real estate, agriculture,
transportation finance, private credit, equities, fixed income, and
multi-asset solutions. As of March 31, 2021, the MAM business had
$US427.3 billion of assets under management. MAM has over 1,900
staff operating across 22 markets. MAM, through its affiliates, has
been managing assets for institutional and retail investors since
1980 in Australia and in the United States, retail investors
recognize the Delaware Funds® by Macquarie family of funds as one
of the longest-standing mutual fund families, with more than 80
years in existence.
About Ontario Teachers’ Pension Plan Board
The Ontario Teachers' Pension Plan Board (Ontario Teachers’) is
the administrator of Canada's largest single-profession pension
plan, with C$221.2 billion in net assets (all figures at December
31, 2020). It holds a diverse global portfolio of assets,
approximately 80% of which is managed in-house, and has earned an
annual total-fund net return of 9.6% since the plan's founding in
1990. Ontario Teachers' is an independent organization
headquartered in Toronto. Its Asia-Pacific regional offices are in
Hong Kong and Singapore, and its Europe, Middle East & Africa
region office is in London. The defined-benefit plan, which is
fully funded, invests and administers the pensions of the province
of Ontario's 331,000 active and retired teachers. For more
information, visit otpp.com and follow us on Twitter @OtppInfo.
None of the entities referred to in this press release is an
authorized deposit-taking institution for the purposes of the
Banking Act 1959 (Commonwealth of Australia). The obligations of
these entities do not represent deposits or other liabilities of
Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not
guarantee or otherwise provide assurance in respect of the
obligations of that entity.
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version on businesswire.com: https://www.businesswire.com/news/home/20210707005789/en/
Media Inquiries Lee Lubarsky Macquarie Asset
Management PH: +1 347 302 3000 E: Lee.Lubarsky@macquarie.com Dan
Madge Ontario Teachers’ Pension Plan Board PH: +1 416 419 1437
E: media@otpp.com
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