PPL completes Emel sale for $ 660 mm

Nov 06, 2007 01:00 AM

Pennsylvania-based PPL has completed the sale of Chilean power distributor Emel to Chilean energy holding company CGE for $ 660 mm, PPL said.
CGE acquired PPL's 95.4 % interest in Emel, which serves 575,000 customers in central and northern Chile. PPL expects to record a special after-tax earnings gain from the Emel sale in the range of $ 205 mm-225 mm in the fourth quarter this year.

PPL announced in March its intention to sell all its regulated power delivery businesses in Latin America and by mid-July had completed the sale of its holdings in Bolivia and El Salvador.
"There was strong interest in PPL's Latin American operations, particularly in Chile, which resulted in a successful process that was completed more quickly than we had anticipated," PPL Global president Rick L. Klingensmith said.

Overall, PPL has received $ 851 mm from the sale of its Latin American holdings and expects to take an overall after-tax earnings gain in 2007 of $ 251 mm-271 mm.
"The marketplace recognized the economic value PPL created through both our significant customer service improvements and the enhanced operational efficiencies in our Latin American businesses," Klingensmith said.

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