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Wisconsin Public Service enters into agreement to buy Fox Energy Company LLC

Integrys Energy Group (TEG) announced that its subsidiary Wisconsin Public Service Corp (WPS) has agreed to buy Fox Energy Company LLC. The $440M purchase includes $390M for the Fox Energy Center, a 593-megawatt combined cycle generating facility in Kaukauna, WI, and $50M for the early termination of the existing tolling agreement between the entities. The transaction is expected to close on or around April 1, 2013. The agreement is subject to the approval of the lenders who currently provide project financing for the sellers. The transaction is also subject to state regulatory approvals, including cost recovery, federal regulatory approvals, and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.