(Merrillville, IN) - NiSource has announced the Federal Energy Regulatory Commission has granted approval for the acquisition of a 19.9% equity interest in the company’s Northern Indiana Public Service Company.

 

Nearly 20 percent of the equity in NIPSCO was purchased by an affiliate of Blackstone Infrastructure Partners (NYSE: BX).

 

NiSource will continue to own the remaining 80.1 percent of the NIPSCO holdings.

 

“We are pleased to have received FERC’s approval of the proposed transaction with Blackstone Infrastructure Partners,” said Shawn Anderson, NiSource's executive vice president and CFO.

 

According to NiSource, the exchange will strengthen NiSource’s balance sheet and position the company to support an ongoing robust capital expenditures program.

 

“We believe this valued partnership with Blackstone will greatly benefit our communities in Northwest Indiana, and the further development of our NIPSCO operating company,” Anderson said.

 

He said doing so is a critical piece to ensuring “long-term safety and reliability while supporting the energy transition.”

 

NiSource expects the transaction to close by the end of the year.