NiSource sells 19.9% of NIPSCO to Blackstone for $2.15B; reaffirms guidance

NISOURCE INC.

Blackstone affiliate to acquire 19.9% non-controlling stake in NIPSCO for $2.150 billion; implies NIPSCO equity value of $10.8B.
NiSource retains 80.1% controlling interest; expects closing by end of 2023, subject to FERC approval.
Blackstone commits additional $250M equity to fund pro rata ongoing capital; proceeds to de-lever and fund renewable transition.
NiSource reaffirms 2023 NOEPS guidance $1.54-$1.60, 6-8% growth through 2027, $15B capex plan 2023-2027.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

NISOURCE INC. entered into Purchase Agreement with BIP BLUE BUYER L.L.C. valued at $2.150 billion in cash for 19.9% equity interest (effective 2023-06-17).

Action: entry
Agreement: equity purchase
Counterparty: BIP BLUE BUYER L.L.C.
Value: $2.150 billion in cash for 19.9% equity interest
Effective: 2023-06-17

Exact text from the filing

On June 17, 2023, NiSource Inc., a Delaware corporation (“ NiSource ”), along with its wholly-owned subsidiary, NIPSCO Holdings II LLC, a Delaware limited liability company (“ Holdings II ”), entered into a purchase and sale agreement (the “ Purchase Agreement ”) with BIP BLUE BUYER L.L.C., an affiliate of Blackstone Infrastructure Partners, an experienced investor in U.S. infrastructure (the “ Investor ”).

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NISOURCE INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-169531

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