MADISON, Wis., Dec. 29 /PRNewswire-FirstCall/ — Alliant Energy Corporation (NYSE:LNT) announced today that the company has completed the sale of its ownership interest in Alliant Energy New Zealand Limited (AENZ), to Infratil Limited for a purchase price of approximately US$300 million.
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After payment of closing costs, the repayment of an intercompany loan with AENZ, and post-closing adjustments Alliant Energy expects to realize net proceeds from the sale of approximately US$185 million. Alliant Energy plans to use these expected proceeds for general corporate purposes.
AENZ holds interests in two publicly traded New Zealand companies. AENZ owns a 23.77 percent interest in TrustPower Limited, New Zealand’s fourth largest electricity retailer, and a 5.07 percent interest in Infratil Limited, an investor in infrastructure and utility assets.
“The closing of the AENZ sale concludes the successful transition of our New Zealand investments to a recognized industry leader in infrastructure and utility assets,” said Bill Harvey, Chairman, President and Chief Executive Officer of Alliant Energy. “We are proud of our longstanding and prosperous relationship with Infratil Limited. While our investments in New Zealand have been extremely successful, our long-term business growth strategy is focused on our domestic utility business.”
Alliant Energy worked with First New Zealand Capital, in affiliation with Credit Suisse, to manage the sale and was advised in legal matters by Buddle Findlay.
Alliant Energy is an energy-services provider with subsidiaries serving approximately 1 million electric and over 420,000 natural gas customers. Providing its customers in the Midwest with regulated electric and natural gas service is the company’s primary focus. Alliant Energy’s utility subsidiaries are Interstate Power and Light and Wisconsin Power and Light companies. Alliant Energy, headquartered in Madison, Wis., is a Fortune 1000 company traded on the New York Stock Exchange under the symbol LNT. For more information, visit the company’s Web site at http://www.alliantenergy.com/ .
