AIG Investments & Highstar Capital Announce Sale of Interests in InterGen
June 24 2008 - 9:00PM
PR Newswire (US)
NEW YORK, June 24 /PRNewswire-FirstCall/ -- AIG Investments and
Highstar Capital (Highstar) today announced that AIG Highstar
Capital II, L.P. (AIG Highstar II) and certain of its investment
affiliates have agreed to sell their 50% ownership interest in
InterGen N.V. (InterGen) to GMR Infrastructure Limited (GMR), one
of India's leading private sector infrastructure developers, for an
undisclosed amount. InterGen N.V., headquartered in the
Netherlands, is a leading global power generation company with
operating power plants located across five countries with total
gross capacity of 12,766 MW (8,086 MW of operational capacity and
4,680 MW of projects under development). InterGen's operating
plants are located in the UK, The Netherlands, Mexico, Australia
and the Philippines. These facilities include 5,280 net equity MW
in operation, 428 MW under construction, 523 MW under agreement.
InterGen was formed in 1995 and was purchased by Highstar and the
Ontario Teachers' Pension Plan (Teachers') in 2005. Commenting on
the transaction, Highstar Founder and Managing Partner Christopher
H. Lee stated, "The sale of our interests in InterGen continues a
decade-long track record of successfully investing in
infrastructure assets and businesses with sustainable downside
protection, coupled with upside potential." Lee added that, "The
investment was led for Highstar by Partners John Stokes and Michael
Miller, who were instrumental in working with InterGen management
to add value, including hands-on practical input to the business'
operations. We exit our investment leaving InterGen as a strong,
well-capitalized company under the exceptional leadership of
current CEO Neil H. Smith and his very capable team. We have
greatly enjoyed working with management and our partners at OTPP
during our ownership of InterGen. We are confident that GMR will be
a great new partner for InterGen as it continues to the next level
of well-deserved success." The transaction is expected to close in
the third quarter of 2008, subject to regulatory approvals. Lehman
Brothers acted as financial advisor to Highstar and Sidley Austin
LLP acted as Highstar's legal council. About Highstar Highstar is a
leader in value added infrastructure investing with a decade long
track record. Since the closing of its first fund in 2000, Highstar
has led or co-led a number of significant, diversified
infrastructure investments, including in power generation, water
and waste water, natural gas transmission and storage, waste
management, waste-to-energy, transportation logistics, inter modal
and port concessions and operations. Highstar currently manages
over $4.5 billion of capital commitments from leading institutional
investors globally, including through its third generation private
equity fund, AIG Highstar Capital III (AIG Highstar III). Both AIG
Highstar II and AIG Highstar III are sponsored by AIG Investments.
About AIG Investments AIG Investments is a global leader in asset
management with extensive capabilities in equity, fixed income,
hedge, private equity, and real estate investments. Member
companies of AIG Investments manage more than US $750 billion in
assets and employ over 2,500 professionals in 46 offices around the
world as of March 31, 2008. AIG Investments is the asset management
arm of American International Group, Inc. (NYSE:AIG). DATASOURCE:
AIG Investments CONTACT: Jeannine Lewan of Financial Dynamics for
AIG Investments, +1-212-850-5612
Copyright
American (NYSE:AIG)
Historical Stock Chart
From Mar 2024 to Apr 2024
American (NYSE:AIG)
Historical Stock Chart
From Apr 2023 to Apr 2024