agreed to sell its interest in Alliant Energy New Zealand to Infratil for about $290 million.
The Madison, Wis.-based company said it expects to realize net proceeds from the sale of about $175 million, after payment of closing costs and the repayment of an intercompany loan, which it intends to use for general corporate purposes.
As a result of the sale, Alliant expects to realize an after-tax gain of about $1.10 a share to $1.20 a share in the fourth quarter.
The purchase price is subject to certain adjustments through the closing date, which is expected in December, the company added.
AENZ owns a 23.77% interest in electricity retailer
, and a 5.07% interest in Infratil, an investor in infrastructure and utility assets.
The company's shares were trading down $1.03, or 2.6%, at $38.35 Tuesday.
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