Mirant Completes Sale of Bewag Stake; Receives More than $1 billion in Net Proceeds
ATLANTA, Feb. 12 /PRNewswire-FirstCall/-- Mirant (NYSE: MIR - news) announced today that it has completed the sale of its 44.8 percent ownership stake in Bewag, a Berlin-based utility. Mirant received more than $1 billion in net proceeds after repayment of approximately $600 million in debt associated with its Bewag investment.
``Consistent with our announced business plan, this sale is yet another step in strengthening Mirant's balance sheet and improving its liquidity,'' said Marce Fuller, president and chief executive officer, Mirant. ``Other asset sales continue to be pursued by Mirant.''
In 1997, Mirant purchased a 26 percent interest in Bewag. In 2001, the company increased its ownership to 44.8 percent. Mirant agreed to sell its position in Bewag to the Vattenfall group on November 30, 2001 for $1.63 billion.
Mirant is a leading, global competitive-energy company. The company delivers value by integrating an extensive portfolio of power and natural gas assets with marketing and risk management expertise. Mirant has facilities in North America, the Caribbean, Europe and Asia, and operates one of the world's largest energy commodity trading organizations from its headquarters in Atlanta.
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