CHICAGO -- Integrys Energy Group Inc., a provider of electricity and natural gas, said Monday that it is buying one of its suppliers, a Wisconsin power plant, for $440 million.
Fox Energy Co. is owned by General Electric Co. and Tyr Energy Inc., a privately held company.
The deal includes $390 million for the 593-megawatt power plant in Kaukauna, Wis., and $50 million to end the existing contract between Fox and Integrys.
Integrys said the acquisition will diversify its power generation capabilities and improve its pricing options. The plant is fueled mostly by natural gas.
The deal is expected to close on or around April 1.
Shares of Chicago-based Integrys rose 58 cents, or 1.1 percent, to $52.78 in morning trading.