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02 February 2011

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Local buyers step up on AEI dismemberment Emerging markets energy operator AEI has agreed to the sale of 80% of its assets, or 10 operating companies, to seven dif­fer­ent buyers, in a deal worth $4.8 billion. The buyers are a mixture of international utilities, financial buyers and local utilities and holding companies. The sales follow AEI’s failed attempt to close an initial public offering, which it formally aban­doned nine days before the sales were announced. Half of AEI’s proceeds will come from the sale of 99.68% of Brazilian utility Elektro to Iberdrola for $2.4 billion. Initial reports had indicated that Iberdrola was a potential buyer for all of AEI, but its main interest was in the Brazilian asset, which produced roughly R840 million ($502 million) in Ebitda in 2009. Iberdrola is set to fund the acquisition with bank debt, because using the proceeds of a tariff securitisation may be impracticable. Sempra Energy is...

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