Integrys Energy Group, Inc. Completes Sale of Oil and Natural Gas Production Subsidiary
Chicago, IL -- Integrys Energy Group, Inc. (NYSE: TEG), today announced that it has completed the sale of its Houston, Texas-based oil and natural gas production subsidiary to a subsidiary of El Paso Corporation (NYSE: EP).
Initial cash proceeds received by Integrys Energy Group were $879.1 million. Final proceeds are subject to post-closing adjustments.
Net after-tax proceeds are expected to be approximately $630 million, subject to the above-mentioned adjustments, and will be used to reduce short-term debt. The company expects to realize an after-tax gain of approximately $10 million, also subject to post-closing adjustments.
“We are pleased that we were able to complete the sale of our oil and gas production subsidiary, and I commend our team as well as the team at El Paso for their efforts in closing this deal very quickly,” said Larry Weyers, President and Chief Executive Officer of Integrys Energy Group. “With this transaction now closed, we have enhanced our financial and business risk profile. We will continue to focus on our core competencies of providing customers with the best value in energy and related services.”
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