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NiSource to sell $2.15 billion stake in Indiana unit to Blackstone

Published 06/20/2023, 06:29 AM
Updated 06/20/2023, 07:15 AM
© Reuters. Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon
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(Reuters) -Energy company NiSource said on Tuesday it would sell a minority stake in its unit, NIPSCO, for $2.15 billion to asset manager Blackstone (NYSE:BX)'s infrastructure unit.

The transaction will help Nisource (NYSE:NI) cut debt and fund its transition towards renewable energy, the company said.

NIPSCO is an integrated electric- and gas-distribution unit that operates in Indiana and serves about 1.3 million customers.

Utility peers such as Duke Energy (NYSE:DUK) and FirstEnergy (NYSE:FE) have also sold stakes in their subsidiaries this year as they seek to invest in cleaner sources of energy.

© Reuters. Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon

Blackstone Infrastructure Partners will acquire 19.9% of NIPSCO in a deal that values the Indiana-based unit at $10.8 billion.

The transaction is expected to close by the end of 2023.

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