PSEG Global Closes Sale of SAESA Group to Morgan Stanley Infrastructure and Ontario Teachers’ Pension Plan
PSEG Global today announced that it has closed the sale of the SAESA Group of Companies (SAESA Group) in southern Chile to a consortium formed by Morgan Stanley Infrastructure and the Ontario Teachers’ Pension Plan. The transaction had a final equity sale value of approximately $887 million plus the assumption of more than $400 million of consolidated debt of the SAESA Group. PSEG’s after tax proceeds are approximately $600 million. The sale generated an after-tax gain for PSEG of approximately $180 million during 2008, which will be reported in Discontinued Operations. The sale was originally announced on June 17, 2008. Credit Suisse acted as exclusive financial advisor to PSEG in connection with the transaction.
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