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Empresas Publicas de Medellin buys Iberdrola

Friday, October 22, 2010

Iberian utilities Iberdrola and Energias de Portugal have signed agreements to sell stakes in various Guatemalan power companies to Colombian public utility Empresas Publicas de Medellin.
Iberdrola will earn a total of $326.5 million from the sale of a 49 percent stake in Distribuidora Electrica Centroamericana Dos, or DECAII, of 100 percent of Gestion de Empresas Electricas, or GESA, of 51 percent of Generadores Hidroelectricos, and of 3.12 percent in Hidronorte SA.
Iberdrola added that coinciding with the signing of the deal, it has already received $308 million corresponding to the stake sales in DECAII and GESA. Iberdrola expects to complete the sale of the stakes in the other two Guatemalan companies toward year-end.
Original source: Dow Jones