Macquarie Group Ltd. on Nov. 28 completed an internal reorganization related to its ownership of Puget Sound Energy Inc.
Macquarie Group subsidiary MIP Padua Holdings GP used to own a 31.82% interest and MIP II Washington Holdings LP held a 9.9% stake in Puget Holdings LLC, which indirectly owns Puget Sound Energy.
After the reorganization, MIP Padua became an indirect subsidiary of each of the funds maintained by Macquarie Infrastructure Partners Inc., increasing MIP Padua Holdings' ownership in Puget Sound from 31.82% to 41.72%.
Under the first step of the reorganization process, MIP Padua Holdings was converted into a limited partnership and all the general partner interests were transferred to MIP Washington Holdings GP LLC. MIP Washington Holdings LP's ownership in MIP Padua was converted to a limited partner interest.
In the second step, MIP II Washington's 9.9% interest in Puget Holdings was transferred to MIP Padua. MIP II Washington Holdings GP now holds 23.73% and MIP Washington Holdings GP now owns a 76.27% general partner interest in MIP Padua. MIP Washington Holdings LP now holds 76.27% of the limited partner interests in MIP Padua.
The Federal Energy Regulatory Commission approved the deal Nov. 3. (FERC docket EC17-184)
