Mirant Corporation of the US announced yesterday it had entered into a definitive purchase and sale agreement with a consortium of the Tokyo Electric Power Company and Marubeni Corporation for the sale of its Philippines business at a price of $3.424 billion plus working capital. The transaction represents the largest MA deal in the country to date.
Mirant will use $642 billion to pay down associated debt, netting it proceeds of $3.152 billion. The transaction is expected to close by the second quarter of 2007.
The assets on sale comprise 100% of the 735MW Pagbilao coal-fired power station, 100% of the 1,218MW Sual coal-fired power station and 20% of the 1,215MW Ilijan gas combined...
¬ Haymarket Media Limited. All rights reserved.