14 Feb 2002 – Atlanta-based energy company Mirant Corporation announced Tuesday that it has completed the sale of its 44.8 per cent ownership stake in Bewag, a Berlin-based utility. Mirant received more than $1bn in net proceeds after repayment of approximately $600m in debt associated with its Bewag investment.
“Consistent with our announced business plan, this sale is yet another step in strengthening Mirant’s balance sheet and improving its liquidity,” said Marce Fuller, president and chief executive officer, Mirant. “Other asset sales continue to be pursued by Mirant.”
In 1997, Mirant purchased a 26 per cent interest in Bewag. In 2001, the company increased its ownership to 44.8 per cent. Mirant agreed to sell its position in Bewag to the Vattenfall group on November 30, 2001 for $1.63bn.
The acquisition of Bewag by Sweden’s Vattenfall enables it to complete the integration of its German interests to create a Vattenfall Europe trading entity.