DTE Energy to sell DTE Vantage for about $3 billion
DTE Energy agreed to sell nearly all of its unregulated subsidiary DTE Vantage to Velocity BidCo, an entity backed by investors advised by J.P. Morgan Asset Management, for a base price of $2.970.67 billion. The deal excludes EES Coke and is expected to close in the first half of 2027, subject to regulatory approvals in the United States and Canada. Proceeds will go toward reducing equity issuance needs and debt, and expanding its five-year investment plan to $44 billion.
In 40 seconds
- The agreed base price is $2.970.67 billion, subject to customary closing adjustments.
- Metallurgical coke unit EES Coke is excluded from the transaction and remains under DTE Energy's control.
- Closing is expected in the first half of 2027 and requires antitrust review in the U.S., the Federal Power Act, Canada's Competition Act and New York's Public Service Law.
Read the full story at Inspenet
IASummary generated by artificial intelligence from a story by Inspenet. It may contain errors: the original source prevails.
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