MARQUETTE, Mich. (AP) — Michigan regulators approved the sale of the Upper Peninsula’s largest electric utility to another private owner.

Upper Peninsula Power Co. will join the energy portfolio of Axium Infrastructure, which has offices in New York and Canada. The Marquette-based utility serves roughly 53,000 customers in 10 Michigan counties.

Current rates will not change, and the company agreed to not seek a rate increase that would take effect before Jan. 1, 2023, unless tax rates increase, the Michigan Public Service Commission said Wednesday.

Upper Peninsula Power was part of Integrys Energy before it was acquired by Basalt Infrastructure Partners for $298 million in 2014.