Economy / Chile
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Morgan Stanley And Ontario Teachers' Buy SAESA Group
June 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Financial services group Morgan Stanley and The Ontario Teachers' Pension Plan have agreed to buy Chilean electric company SAESA Group. They will jointly acquire the company from US integrated power company Public Service Enterprise Group for around US$870mn. In addition to the cash figure, the pair will assume over US$400mn in existing company debt. Ron Epin, C of Morgan Stanley Infrastructure, and a former Ontario Teachers' executive said that 'Chile has established a sophisticated and stable regulatory framework that we find attractive, Saesa is a 90%-regulated business that generates predictable cash flows and steady returns'.