The utility provider that owns UPPCO says nothing will change for employees or customers for now as a result of the company’s pending sale, but changes may be coming several years from now.
Integrys Energy Group has agreed to sell UPPCO to Balfour Beatty Infrastructure Partners for nearly $300 million. Customer bills will look the same and the call center number will remain the same.
“It really is going to be business as usual, at least for the next several years,” Integrys spokesperson Kerry Spees said. “We don’t expect to close the transaction until later this year, perhaps the third or fourth quarter (of) 2014, and then the new company, BBIP, has assurances to keep the work force as it is for at least two years after that.”
Balfour Beatty approached Integrys nearly a year ago about buying UPPCO. Integrys officials say Balfour Beatty has not said what aspects of UPPCO it would alter.
“We haven’t heard anything like that,” Spees said. “We know they’re very excited to be entering the utility business with UPPCO, and I think they’ll take that two-year period or three years afterwards to figure out what, if anything, that needs to be done.”
Balfour Beatty Infrastructure Partners is a British investment firm with offices in London, Munich, Germany and New York. State and federal regulators still need to approve the sale.