India's GMR in $1.1 billion power acquisition
GMR Infrastructure buys 50% of the power generating firm InterGen from AIG Highstar in a deal that analysts have termed low-risk but expensive.
IndiaÆs GMR Infrastructure has bought 50% of InterGen from AIG Highstar for an equity value of $1.1 billion, in the largest ever acquisition of a global energy utility by an Indian company.
InterGen currently has $4.3 billion of debt on its books, suggesting GMR has ascribed a firm value of $6.5 billion to InterGen. The debt is non-recourse and was mostly syndicated in 2007. It does not have a change of control clause, say sources close to...
To continue reading, please login or register for free