Michigan PSC gives Wisconsin Energy acquisition the OK

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The Michigan Public Service Commission on Thursday approved Milwaukee-based Wisconsin Energy Corp.’s planned acquisition of Integrys Energy Group Inc.

The Michigan PSC also approved the amended and restated settlement agreement that Wisconsin Energy entered into on March 12 with the Michigan attorney General, the staff of the Michigan PSC, the Tilden Mining Co. and the Empire Mining Partnership.

It’s another of the hurdles the companies must clear before the $9.1 billion deal can move forward. The WE Energies parent’s acquisition of Integrys, the parent of Green Bay-based Wisconsin Public Service Corp., has also been approved by the Federal Energy Regulatory Commission and is still waiting for approval from the Wisconsin, Illinois and Minnesota public service commissions.

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The new company would be called WEC Energy Group, and would serve more than 4.3 million electric and natural gas customers in Wisconsin, Illinois, Michigan and Minnesota.

The Wisconsin Public Service Commission had planned to take up the issue in mid- to late-April, but it has not yet communicated a decision. The Minnesota Public Utilities Commission plans to take it up in early May. And the Illinois Commerce Commission is scheduled to make a decision by July 6.

If Wisconsin Energy receives all the regulatory approvals, it is aiming to complete the transaction in the second half of the year.

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