Macquarie Asset Management (MAM) and Ontario Teachers’ Pension Plan Board (Ontario Teachers) have signed an agreement to jointly acquire a 31.6% stake in Puget Holdings (Puget) from Canada Pension Plan Investment Board (CPP Investments).

Puget’s primary operating subsidiary, Puget Sound Energy (PSE), is the oldest and largest electric and natural gas utility in the State of Washington, serving approximately 1.2 million electric customers and 900,000 natural gas customers in the Puget Sound region. MAM and Ontario Teachers' will each hold a 15.8% stake in Puget after the close of the acquisition. 

Completion of the transaction is subject to customary closing conditions and regulatory approvals.