Mirant to receive in excess of $900 million in net proceeds from the sale
ATLANTA, Ga., Feb. 5, 2002 — Mirant announced today that all regulatory approvals have been received to complete the sale of Mirant’s 44.8 percent ownership position in the Berlin-based German power utility group, Bewag. Mirant agreed to sell its position in Bewag to the Vattenfall group on Dec. 2, 2001 for $1.63 billion.
The closing of this sale between Mirant and the Vattenfall group is planned for early in the week of Feb. 11, 2002.
“Yesterday’s clearance by the European Union Commission will allow us to close the sale of Bewag by the middle of February and provide us with over $900 million in net proceeds after repaying the debt which financed this investment,” said Marce Fuller, president and chief executive officer, Mirant.
“As we stated during our analyst call last week, Mirant will continue to focus on strengthening its balance sheet, improving its liquidity and retaining its position as one of the major players in the competitive energy sector. These proceeds will assist in our efforts.”
In 1997, Mirant purchased an initial 26 percent interest in the Berlin utility Bewag. In 2001, the company increased its ownership to 44.8 percent.
Mirant is a 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.