UPDATE 1-Investment group to close Puget Energy buy in Feb

Fri. January 16, 2009; Posted: 11:30 AM

, Jan 17, 2009 (Reuters via COMTEX) -- PSD | Quote | Chart | News | PowerRating -- Puget Holdings LLC, a consortium led by Australian bank Macquire Group, said it expects to close its $7.4 billion acquisition of Puget Energy Inc by Feb. 6, sending the utility's shares up 13 percent to their highest in a decade.

Puget Holdings said it will provide $5 billion for the company's power generation and infrastructure needs over the next five years. Additionally, it also committed to provide $100 million in rate credits and other savings.

Puget Energy's unit, Puget Sound Energy, will continue to operate from Washington and retain existing management and employees.

In April last year, the Federal Energy Regulatory Commission approved the takeover of Puget Energy by the consortium.

Puget Energy owns and controls transmission, distribution and generation facilities in the Pacific Northwest.

Shares of Puget Energy rose to a high of $29.70 before paring some gains to trade up $3.38 at $29.61 Friday morning on the New York Stock Exchange.

(Reporting by Arup Roychoudhury in Bangalore; Editing by Deepak Kannan)

(arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters .net)) Keywords: PUGET/

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

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