Macquarie Asset Management, Ontario Teachers' Pension Buy 32% Stake in Puget

By Adriano Marchese

Macquarie Asset Management and Ontario Teachers' Pension Plan Board have acquired an about 32% stake in Puget Holdings from Canada Pension Plan Investment Board for an undisclosed sum.

Macquarie Asset Management, part of the Australian investment bank and financial services company Macquarie Group Ltd., said the investment in Puget--whose main operating subsidiary is Washington electric and natural-gas utility Puget Sound Energy--comes amid a requirement for electric utilities in the state of Washington to eliminate coal-fired power by 2025 and supply carbon-free electricity by 2045.

"The state's decarbonisation policies align with commitments made by MAM and Ontario Teachers' to achieve net-zero greenhouse gas emissions by portfolio companies," the company said.

Both Macquarie and Ontario Teachers'--the administer of defined-benefit pensions for school teachers in the Canadian province of Ontario--will receive an equal stake, holding about 16% each in Puget after the close of the acquisition.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

July 07, 2021 14:05 ET (18:05 GMT)

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