Friday, May 11, 2012
LONDON (Dow Jones)--International Power PLC (IPR.LN) Friday announced that the sale of 40% of Hidd Power Company, or HPC, in Bahrain to Malakoff International Ltd for $113.4 million has been completed, in line with an agreement to sell down part of its interest in the Bahraini power market to comply with regulatory requirements following the combination with GDF SUEZ Energy International in February.
MAIN FACTS:
-Transaction also contributes EUR0.6 billion to the GDF SUEZ EUR10 billion portfolio optimisation programme.
-Following this sale, International Power will continue to own 30% of HPC, which will now be accounted for under the equity method as an associate with its net debt of EUR538 million as at March 31) not included within the Group net debt.
-As at Dec. 31, HPC was an asset held for sale and therefore its net debt was not consolidated.
- International Power shares closed Thursday at 417.7 pence valuing the company at GBP21.29 billion.
-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411; rory.gallivan@dowjones.com
(END) Dow Jones Newswires
11-05-12 0611GMT
