Utility with Retail Choice Program to be Sold to Investment Fund

Infrastructure equity investment fund BBIP (Balfour Beatty Infrastructure Partners LP) has entered into a definitive agreement to acquire Upper Peninsula Power Company from Integrys Energy Group, Inc.

Under the terms of the agreement, the purchase price is approximately $298.8 million (subject to post-closing adjustments, which will include changes to working capital and reimbursement for 2014 capital expenditures made by UPPCO prior to the close) for UPPCO's electricity distribution operations, excluding its American Transmission Company holdings.

UPPCO provides service to approximately 52,000 residential, commercial and industrial customers in the Upper Peninsula of Michigan.

Subject to Michigan's 10% choice cap, UPPCO offers customers an electric choice program, which for 2014 is capped at 87,947 MWh. Current choice participation is 82,947 MWh.