agreed to sell its Caribbean business to Japan's Marubeni Corp. in a deal valued at about $1.08 billion.
Atlanta-based Mirant said Wednesday that it expects to receive proceeds of $565 million from the sale. The deal calls for Marubeni to assume $350 million in debt and power purchase obligations of about $153 million.
Mirant's Caribbean business includes controlling interests in two utilities: Jamaica Public Service Company, of which Mirant owns 80%, and Grand Bahama Power Company, of which Mirant owns 55%. Mirant also owns 39% of PowerGen, the owner and operator of three power plants in Trinidad, and 25% of a utility in Curacao.
The transaction is expected to close by mid-2007.