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17 December 2004 - International Power said today it had completed the acquisition of the international generation portfolio of Edison Mission Energy (the "EME Portfolio"), in a 70:30 partnership with Mitsui & Co., Ltd of Japan, for a consideration of $2.0bn.
The completed acquisition includes all of the EME Portfolioexcept for CBK, a 396 MW (net) hydro scheme in the Philippines, Tri Energy, a 175 MW (net) gas fired plant in Thailand and Doga, a 144 MW (net) gas fired plant in Turkey.
As a result of this, and other completion adjustments principally related to working capital, the net cash consideration was reduced by $217m from the expected net cash consideration of $2.2bn for the entire EME Portfolio. CBK, Tri Energy and Doga will be held under contract between International Power, Mitsui and EME with a view to completing the acquisition of these assets at a later date, subject to the satisfaction of certain conditions precedent.
On 30 July 2004, International Power announced that the acquisition would be partially funded by a senior secured bridge loan. This loan will now not be drawn, as it has been replaced with a structured eight-year term loan of $797m, provided by a group of relationship banks on more competitive terms.
Philip Cox, Chief Executive Officer of International Power, said, "We are delighted to have successfully completed the acquisition of EME's international generation portfolio, and now look forward to implementing our well advanced integration plans. We remain wholly focussed on delivering full value to International Power shareholders from this significantly earnings enhancing acquisition."
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