Macquarie to buy Integrys' power-trading portfolio

Macquarie Group Ltd., Australia's biggest investment bank, agreed to buy the North American power- trading portfolio of Integrys Energy Group Inc.

The purchase, which is scheduled to be completed in the second quarter, will about double the customer base of the company's Macquarie Cook Power unit, according to a statement issued by Sydney-based Macquarie today. Financial terms of the transaction weren't disclosed.

The Integrys business had average annual gross volume of more than 125 million megawatt-hours over the past three years, according to the statement.

Integrys, the Chicago-based owner of natural-gas utilities, said in February it was seeking to sell or shut the power- trading business to cut capital expenditures.

Integrys gained 34 cents to $42.81 in composite trading on the New York Stock Exchange. Macquarie rose 56 cents to A$48 in Australia on Dec. 24.