PSEG Global, the Public Service Enterprise Group's international operations concern, has closed the sale of the Chile-based SAESA Group to a consortium formed by Morgan Stanley Infrastructure and the Ontario Teachers' Pension Plan.
The transaction had a final equity sale value of approximately $887 million plus the assumption of more than $400 million of consolidated debt of the SAESA Group. The Public Service Enterprise Group's (PSEG) after-tax proceeds from the sale are approximately $600 million.
The sale generated an after-tax gain for PSEG of approximately $180 million during 2008, which will be reported in discontinued operations. The sale was originally announced in June 2008. Credit Suisse acted as the exclusive financial advisor to PSEG in connection with the transaction.