Axium completes acquisition of UPPCO
Axium Infrastructure announced the finalization of the acquisition of a 100% stake in Upper Peninsula Power Company (UPPCO) from Basalt Infrastructure Partners.
UPPCO is the supplier of electricity in the Upper Peninsula of Michigan, serving 53,000 consumers in the region. The Company's Asset Base consists of production and distribution assets, comprising 4,500 miles of distribution line, 50 substations, and 57 MW of production capacity from a large part of seven hydroelectric facilities located in the upper peninsula. UPPCO will also start building a 60MW industrial production solar power plant from 2022.
CIBC acted as financial advisor and King & Spalding acted as legal advisor for Axium for this transaction. Moelis acted as financial advisor and Morgan Lewis acted as Legal advisor for Basalt Infrastructure Partners.
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