UBS Warburg to take over Enron’s North American electricity and natural gas trading operations

NEW YORK, Jan. 11, 2002 – UBS Warburg announced today that it has been selected by Enron and approved by its Creditors Committee as the successful bidder for Enron’s North American wholesale electricity and natural gas trading business. The transaction is subject to Bankruptcy Court approval.
“UBS Warburg is excited by the prospect of reestablishing this technology-based trading business,” said John P. Costas, chief executive officer of UBS Warburg. “It will be a valuable extension of our worldwide trading activities, which are noted for providing market leadership and superb client service.”
Terms of the proposed transaction call for Enron to retain a residual interest in the income of the business. UBS Warburg will assume none of Enron’s past, current or future liabilities or trading positions.
UBS Warburg is the investment banking group of UBS AG, one of the largest financial services firms in the world with 71,000 employees in more than 40 countries. UBS Warburg is a leader in equities, corporate finance, M&A advisory and financing, financial structuring, fixed income issuance and trading, foreign exchange, derivatives and risk management.

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